Tech Watch: Demand something better – a common data framework


Never have we been so bombarded with data and had access to so much information to shape and inform our opinions.

The situation in Ukraine has highlighted both how access to reliable data and how that data is interpreted are powerful tools in shaping a narrative.

With independent news sources and barrier-free global data sharing used to drive real-time decision-making and policy change, it seems data has never been more valuable or life-saving.

We need meaningful transformation and a better experience for everyone, especially our customers

The UK government wants to unlock the value of the data we create and lead the international approach to securing data flows. He believes so strongly in the opportunities of global data sharing that he has set up an expert council made up of specialists from around the world, including universities and companies like Microsoft and Google, to create new data transfer agreements. data with key partner countries.

With free and accessible international data powering everyday services such as our GPS navigation, smart devices and online payments, I’m sure they’ll come up with plenty of ideas for leveraging the £83 billion in exports based on data that took place last year.

We have to imagine another way of working

I’m not usually an aerodynamics enthusiast, but I was intrigued to read that defense contractor BAE Systems was developing a new data framework with integrated environments and interoperability to support “fusion and mission data discovery, minimize disruption and provide near real-time status of assets”. This will allow it to take data from disparate sources, apply intelligent insights and automate a huge amount of decision making straight to the front line, according to the company.

Business Obstacles

What does all this have to do with mortgages? All! Some of the biggest hurdles we face are the lack of access to the right data at the right time, limited data transfer agreements, and the glaring omission of any type of industry and government framework that brings together our disparate property data. and mortgages and makes it reliable.

It is not a specific industry sector or part of the process. Everything is broken and we tolerate it

I’m not saying we haven’t digitized parts of our mortgage process and failed to improve our connectivity, but, as multi-billionaire and tech entrepreneur Elon Musk so eloquently put it: “The biggest problem smart people have is optimizing something that should never exist in the first place.

In a world where entire industries have become obsessed with customer experiences, where data and algorithms are used to drive the most efficient journeys and processes, and where barriers have been broken down to enable technologies to work well together, it is inexcusable that we continue to allow most of our home buying and mortgage process to be dictated by the way we created the industry decades ago.

Some of the biggest hurdles we face are lack of access to the right data at the right time and limited data transfer agreements

It’s time to see how poor the customer and user experience is. It’s almost like we have to come to terms with our reality and recognize that it’s no longer okay to find a home or start a mortgage application without the right data and information, before we can move on and start the rebuilding process.

broken system

It is not a specific industry sector or part of the process. The whole thing is broken and we tolerate it, work around it and tell our clients to suck it if they want their dream home.

It’s time to see how bad the experience of our customers and users really is

The most frustrating thing for me is that we have the smart people, the data, and the technology we need to solve this problem. We have them here and now. There’s nothing stopping us from collectively creating a different way of working, building a data- and technology-driven home buying and mortgage process that would be so much better for our customers, our people, and our bottom lines. So I’m asking you to speak up and start demanding something better.

We need property data such as title, lease restrictions, and environmental and local search indicators to be open, straightforward, and digitally shareable. National business standards impose energy performance certificates and council tax for property portals. So let’s push government and trade bodies to go further and require full ownership information for all listings.

The most frustrating thing is that we have the smart people, the data, and the technology we need to solve this problem.

We need our software and technology vendors to develop a common data framework and technology standard so that data can be trusted and flow seamlessly between different parts of the industry.

We need to imagine a different way of working and build a new customer journey that isn’t just a faster, smoother version of what we have today.

We need meaningful transformation and a better experience for everyone, especially our customers.

Maria Harris, Director, Digital Cat Consultancy


This article appeared in the May issue of MS.

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