The transformation consultancy for the mortgage and home buying industry, built its tool, named Pathfinder to help lenders solve problems like prioritisation and sequencing before committing investment. 

It allows lenders to build their existing mortgage journey as a digital twin, a dynamic and virtual model of a process, before generating a heatmap that identifies the total number of friction points in that journey.

It then measures their impact on the metrics that matter most to lenders, such as fall-throughs, speed to completion and, ultimately, lost lending opportunities, which includes capital velocity - the number of times a lenders’ capital turns over each year.

Mapping includes all the elements they’re managing from Digital Verification Services (DVS) and KYC to decision in principle, credit decisioning, valuation, affordability, and underwriting, allowing lenders to understand how they can redesign the mortgage journey, both internally and externally, using their own real-world data, offering a safe, risk-free environment where they can experiment with new partnerships, vendors and an enhanced customer experience.

The platform also presents financial and efficiency gains in real-time with lender benchmarking and a vendor radar helping to provide them with a detailed roadmap and procurement options, with defined benefits for the business.

Novus will be demonstrating Pathfinder at its Digital Disruption Live event at the Everyman Theatre in Manchester on September 23. 

Kevin Duncan, Pathfinder product director at Novus Strategy, said: “Pathfinder gives lenders a pathway they can be confident of investing in, because it shows them what the outcomes are likely to be. 

“It’s a marked change in how lenders approach innovation and transformation. In the past, innovation programmes relied on analysis and recommendation. With simulation, lenders can literally see the outcomes before they invest. That’s why the simulator is going to prove game changing for these lenders at a critical moment for the industry. 

“Pathfinder is the catalyst that tells them what they need to do to help bring down time-to-completion, and we’ve already shown that the entire redesign process can take as little as four weeks, even for a larger lender. Given that the industry has more of a configuration problem than a technology problem, none of this necessarily warrants changing vendors or rebuilding solutions, and all lenders have the chance to make very quick gains.”