Based on open architecture, Oracle’s new Banking Enterprise Originations solution helps UK banks and building societies to adopt digital mortgage origination


Image: Oracle’s campus at Thames Valley Park in Reading in England. Photo: Courtesy of don cload / Oracle, Thames Valley Park /

Oracle has launched its Oracle Banking Enterprise Originations solution in the UK to support banks and building societies in acceleration of digital mortgage origination for residential and small and medium enterprises (SMEs).

The solution has been developed based on open architecture, progressive data decisioning design principles. The solution is claimed to be completely automated process, enabling lenders to process mortgage applications more efficiently by the use of digital technologies.

Oracle said that home and re-mortgage customers generally experience a complex and stressful process of data and document gathering coupled with lengthy delays, while lenders experience legacy platforms inhibiting a 360-degree view of the customer and proprietary closed technology prevents integration with vendors whose solutions are designed to complement the traditional mortgage process.

Oracle claims that its Oracle Banking Enterprise Originations solution, which is part of the Oracle Banking Platform, can solve the problems with its open architecture approach.

The solution is claimed to be enabled with more than 200 origination centric open APIs and uses open banking standards to give a single, seamless experience for customers.

It can also help in reducing the number of documents by aggregating data from trusted third-party sources and financial institutions, through open banking.

The solution claims to deploy a complete lending lifecycle approach from origination, servicing, and collections, through a single platform, developing a friction-free customer experience that can increase both revenue and profitability for the lender.

The new mortgage origination solution can reduce up to 25% of cost for banks

Oracle Financial Services group vice president and chief technologist Paul Leadbetter said: “It is an exciting time to introduce the Oracle Banking Enterprise Originations solution, localized and compliant for the UK banks and building societies.

“We believe UK re-mortgaging bank customers will welcome a solution that allows them to easily switch providers, and reap the benefits of a streamlined and seamless lending process. We are poised to accelerate and deliver our best-in-class solution in this highly competitive market.”

The software giant further stated that one bank which has implemented its solution was able to halve the required number of customer documents and has dramatically improved the time to offer, while reducing 25% in the cost of origination.

Oracle Financial Services offers solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities and healthcare payers.

Its integrated digital and data platforms empower banks and insurance companies in offering next-generation financial services.