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Yellow Brick Road Home Loans has announced that it has signed an agreement with a Cognizant company, Servian.
The agreement between the mortgage brokerage franchise and Servian, a data and analytics company, comes as an effort for Yellow Brick Road (YBR) to grow its data analytics capabilities, business decisioning and customer insights.
Under the agreement, YBR and Servian will be collaborating to accelerate the brokerage’s ability to understand its clients’ needs in the market and improve its data analytics and intelligence to better predict the needs of customers in the future.
YBR will be able to use machine learning and predictive analytics to better inform future products and services in order to create new offerings to meet borrower needs based on data insights.
The agreement with the data and analytics company follows YBR’s launch of a digital education platform — Y Home Loans — earlier this year.
Servian was acquired by Cognizant in 2021 as a part of a strategy to enhance capabilities and growth in regard to data and artificial intelligence, digital engineering, cloud, and internet services.
Banks are moving towards digitisation
In mid-October 2022, BOQ Group announced that all brands under the BOQ banner will have digital mortgages by 2024/25.
This move is a continuation of its digital transformation process, which was focused on migrating ME Bank customers onto the new core platform for the digital bank.
Reportedly, there are now approximately $1.5 billion in deposits on the group’s new digital platform. Digital deposits are set to launch for all new customers by 2023.
BOQ flagged that the “cloud based, end-to-end digital bank”, would lead “to improvement in productivity, customer experience, innovation and embedded compliance leading to improved risk controls”.
Managing director and chief executive George Frazis stated at the time: “We have advanced our strategy and have a clear pathway to 2025 which builds on the success of our execution to date on the digital transformation and the ME integration.”
Furthermore, recent Commonwealth Bank data revealed that younger cohorts of home buyers (Millennials and Gen Z) considered having an app to manage home loans in one place as a key feature of their needs.
Almost 60 per cent of home owners said the ability to make instant changes to their repayment amount via apps would make a difference, while 61 per cent said this would make it easier for them to manage their mortgage.
[RELATED: BOQ Group to roll out digital mortgages in 2024/25]
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