Tanjir Sugar, chief executive at Mortgage Magic, tells Mortgage Introducer about his reasons for creating the business, how it differs from other CRM providers, and plans for the next 12 months Tell us about Mortgage Magic As mortgage brokers ourselves, Mortgage Magic™ was born out of our frustration with the existing crop of legacy software providers for managing a mortgage broking business, and the multiple yet incompatible means of interacting with lenders, many of which were still manual Mortgage Magic's principals teamed up with Silicon Valley technology specialists to produce a complete digital business management platform specifically designed for the UK mortgage industry. It marries a cutting edge customer relationship management (CRM)facility with a seamless front end which follows the customer journey from enquiry to completion The platform incorporates all the latest technology features to enable mortgage advisers to efficiently and compliantly conduct their business, including mortgage and protection sourcing integration, where required . What was the main reason for creating MM? Without meaningful competition in the space, the UK lending market was burdened with older legacy based systems in areas from sourcing to customer management, with few alternatives against which to compare existing suppliers In the absence of viable alternatives, the intermediary sector put up with the hindrance of working with antiquated facilities that rarely worked as hoped or could be integrated with other services The only reason they had lasted that long was that in the absence of new thinking and viable competition suppliers had little incentive to innovate. By way of illustration, we only have to see what happened when a disruptor like Twenty/Tec arrived in the sourcing market a few years ago That ignited a long overdue spurt of positive activity which has led to better sourcing systems through greater innovation than at any time in the past 10 to 15 years In a highly regulated environment like mortgages nere has also been a reluctance to engage and integrate meaningful compliance modules into existing systems The main reason being that up to now most of those who understood technology knew little about regulation and those who understood regulatory compliance were not technology-focused. As a result, this vital piece of the mortgage adviser puzzle has been neglected So, like Twenty/Tec in the sourcing market. Mortaage Magic is bringing innovation and modern methodology o bear in order to produce a platform for today's industry, rather than yesterday's. As a mortgage broker, I knew what had been missing and was in the best position to bring to bear the talents necessary to tackle the issues and create an end-to-end enquiry to completion facility, married to a fully General Data Protection Regulation(GDPR)and regulatory compliant customer management service. Powerful cost-effective and easy to adopt. How is Mortgage Magic's approach different to other suppliers using blockchain technology? I am unaware of any commercially active supplier in our sector which has incorporated blockchain into its tech stack. Our methodology is very unique and is our own invention. If you could describe Mortgage Magic in three words, what would they be? Future-proof mortgage technology. How do you differ from other CRM providers? It's as different as night is from day. No other provider currently offers the same package of an end-to-end client-centred modular mortgage, protection and overall customer management system in one simple to use package MM manages the customer journey from data entry through the whole lifetime of the relationship with the adviser. There is nothing in the same space which is even close to MM,'S platform. Mortgage Magic is a cloud-based platform. What is the guarantee of data security? We only use IBM infrastructure. IBM being a pioneer in security and one of the most respected players in the world ensures that data security is maintained without compromise Our data security is guaranteed by IBMS data security charter. As the market gets more competitive, what are your plans to stay ahead of the competition? This is the age of collaboration rather than competition. We are keen to collaborate across the industry, as can be seen by our integration with Twenty/Tec and pipeline, as well as our work with specialist finance hub Brightstar, where we are employing our expertise to build the new platform to engage introducers, partners and service providers more effectively. I am very eager to work with other businesses not only to improve our platform, but enhance every business with which we work. The greater the level of collaboration, the better it will be for the industry as a whole. There is room for everyone to benefit. so we welcome the chance to talk with all industry stakeholders, such as mortgage brokers, networks. lenders and other service and product providers. We are fully focused on creating an evolving and robust platform which will enable mortgage advisers and other financial brokers to benefit from an always up to date end-to-end experience. Coming down the line, we have a lot of new exciting new features, such as full UK lender integration augmented advice and a new digital package for brokers, to name just a few innovations in the pipeline At Mortgage Magic our motto is collaboration via effective integration.
News Source Link :
https://issuu.com/mortgageintroducer/docs/mortgage_technology___may_2021/11