Case Study: Kensington Mortgages, TWM Solicitors and Coadjute
Kensington Mortgages and TWM Solicitors explore solutions in the Coadjute Network Sandbox
Background and Challenge
Kensington Mortgages is the UK’s leading non-bank residential specialist mortgage lender. A Top 15 lender with around £10bn in assets under management, in the 12 months to September 2022 they lent over £2.1bn to home buyers across the UK. TWM Solicitors is one of the UK’s longest established law firms, opening its doors in 1799 and now employing over 220 people, with its Lending Department actively focused on supporting the specialist lending market in delivering corporate, conveyancing, recovery and advisory services to its panel.
Long-standing partners in the property business, Kensington and TWM Solicitors have worked together to deliver countless mortgages to homeowners. In that time, they have built a reputation as customer-focused and technologically advanced.
"We believe being connected to the Coadjute Network has the potential to bring significant value to our business."
Challenges
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Delayed operational updates
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Costly delays
Passionate about providing their customers with seamless digital experiences, they understand the importance of being at the forefront of technology in order to maintain a competitive edge.
Kensington Mortgages and TWM Solicitors identified several opportunities to improve workflow between their two businesses, to make them more digital and streamlined, and ultimately deliver a speedier and more effective experience for their customers. To better understand the opportunities and explore potential solutions, they turned to the Coadjute Network Sandbox.
How Coadjute has benefitted Kensington Mortgages and TWM Solicitors
Increased transparency
Increased transparency through real-time sharing of operational updates.
Streamlined processes
A streamlined digital process for management and tracking of mortgage offer conditions.
Clear identification of cost reduction opportunities
Were able to clearly identify and validate of target cost reduction opportunities.
"The Coadjute Network Sandbox allowed us to safely explore how new technologies have the potential to streamline our workflows and improve the customer experience. We were able to identify and test solutions that addressed our challenges, and we look forward to taking the next steps on the path to production."
Solution - The Coadjute Sandbox
Kensington Mortgages and TWM Solicitors wanted to take an agile approach to exploring how a connection to the Coadjute Network could streamline and optimise inter-organisational workflows, and wanted to start with a non-production pilot.
To facilitate a non-production pilot the Coadjute team built a sandbox environment for a lender to interact with brokers, conveyancers, and estate agents, and experience the full breadth of the network in a pre-production space. The sandbox enabled participants to experience a simulation of the Coadjute Network in a contained environment, with no need for integration.
The ability to experience the network before a full commitment is not the only benefit for lenders such as Kensington. They are also able to work with their partners, like TWM Solicitors, on new digital solutions within which their teams can co-create and collaborate. This helped to improve their current processes away from a live environment, ready to be implemented once full integration takes place.
What is a Sandbox?
For financial institutions with particularly complex requirements it may not be practical to connect straight to the network.
For companies like this, Coadjute created a Sandbox environment which provides a safe and secure way to test how operations will work on the live network without the overhead of having to integrate.
The Sandbox is a perfect replica of the live environment, with a number of powerful added test features, such as being able to switch between participants during a transaction to observe the flow of information.
"Collaborating in the Coadjute Sandbox was a valuable experience for TWM Solicitors. We were able to test new solutions that had the potential to improve the transparency and efficiency of our processes with Kensington Mortgages."
Results
At the end of the sandbox project, both Kensington Mortgages and TWM Solicitors had a clear view of the benefits of connecting to each other through the Coadjute Network. Not only this, but they also realised the potential of connecting to other parties over the network and how they could maximise the information shared to deliver better service to their clients.
Other benefits include; increased transparency through real-time sharing of operational updates, a streamlined digital process for management and tracking of mortgage offer conditions and validation of target cost reduction opportunities.
About Kensington Mortgages
Kensington has over 25 years' experience of providing and servicing specialist mortgages and is the UK’s leading non-bank residential specialist mortgage lender. They serve fast-growing segments such as the self-employed, contract workers, multiple income applicants and those who have a small blip on their credit file.
About TWM Solicitors
TWM Solicitors is a full-service law firm with a particular focus on residential conveyancing. The firm has a reputation for providing high-quality service to their clients and is committed to making the property transaction process as smooth as possible.
