A new service designed specifically for lenders has been launched by the Equity Release Group.
Powered by the fintech company Equitec, lenders can now gain access to a management information suite that details and tracks customer activity prior to lenders usual involvement in D2C or broker enquiries.
These performance metrics include product rankings, quote and application data - all helping lenders to improve the competitiveness of their products.
Some of the UK’s most prominent financial institutions in the over 50’s market, including Aviva, Canada Life, and Legal & General, are already capitalising on this service.
Equity Release Group founder and CEO, Mark Gregory, said: “Our ambition for Equitec was always to provide the market with real-time connectivity using a suite of innovative tools.
“With the launch of our MI Suite and development of technologies we’re continuing to realise this ambition.
“The system is accessed from one lender portal - a hub for lenders to update products, rates and underwriting credentials."
Gregory explained that reporting works by collating customer data from smartER, including Lifetime Mortgage and Retirement Interest Only products, from which live reports can be filtered and downloaded for further analysis.
“This provides lenders with valuable insight, helping them to craft products that are more aligned to the customer and the needs of the industry,” he added.
The ERG’s MI Suite currently provides analysis on over 20 data points, however, the firm plans to enhance this offering to include over 50 additional data points including anonymised customer data.
This will help lenders determine regular search criteria, popularity of products and how they’re fulfilling the demands of consumers.
The firm’s strategy is also to develop advanced reporting tools to include in-depth and live monitoring of LTV data points, based around age, percentage and value.
This will, according to the group, enable lenders to assess the gaps in the market with the ability to informatively plan ahead.
Aviva Equity Release managing director, Matt McGill, said: “The knowledge and insight we gain from the platform is really valuable to us.
“It’s an important part of our continual review process, ensuring that the products and services we offer customers are meeting their needs, and helping us to ensure the best outcomes for them in later life.”
tom.dunstan@ft.com
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