The Intermediary – August 2025 - Flipbook - Page 86
T E C H N O L O GY
Opinion
Culture and code
determine which
firms move forward
T
he hardest part of
switching to new
technology platforms
or soware usually isn’t
the switch itself, but
the process of bringing
people with you on that journey.
Overcoming this oen necessitates a
multi-pronged approach.
Off-the-shelf systems – that plug
into legacy tech within lenders
operating on multiple platforms
across their service offerings – are
increasing in popularity. They can
offer a cheaper and seemingly lower
risk alternative to working with
outside IT consultants to build a brand
new platform. The reality is that both
approaches can work – it depends on
what lenders actually need.
It’s very tempting to define the
problems you’re trying to solve based
on the challenges you face today.
In fact, systems need to be able to
cope with the challenges you’ll face
tomorrow – not least because by the
time the change takes place and staff
are trained to use new systems, it’s
likely to be several weeks or months
down the line.
Defining the problem is essential.
In the mortgage and financial
services world, the need to modernise
technology systems is becoming
ever more urgent. But while many
firms understand the importance of
digital transformation, few are fully
prepared for the practical challenge.
Large-scale system overhauls oen
bring reputational and operational
risk. Ambitious projects can stall
or under-deliver when they’re not
aligned with how people actually
work. In a fast-moving market shaped
by regulatory shis, rising customer
expectations and pricing pressures,
firms need technology that doesn’t just
function but evolves.
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The Intermediary | August 2025
Success increasingly depends on
choosing platforms and solutions
that are agile, scalable and responsive
to market and customer behaviour.
Modern, cloud-based systems allow
firms to flex as conditions change. The
good news is, these exist.
Personal buy-in
The tech may be ready, but the
people side is oen harder to deal
with. Cultural resistance, ingrained
processes and legacy skill sets can
create friction.
According to McKinsey, over 70% of
digital transformation efforts fail, and
the number one reason is poor cultural
integration. A 2024 survey by Gartner
backs this up, with 46% of financial
services executives citing “change
resistance among staff ” as the biggest
barrier to digital success.
Years of embedded processes,
outdated workflows and a “we’ve
always done it this way” mindset
begets scepticism, especially if
communication and training are not
carefully thought through.
Add to this the idea of bringing into
the workplace artificial intelligence
(AI), automation, machine learning
and even AI-powered agents able to
make basic decisions based on data
input – you can come up against real
fear. Some employees can mistakenly
believe increased automation signals
the end of their usefulness and actively
put barriers to adoption in the way.
Automation and AI can’t fully
replace people – especially in such
a highly regulated market like
mortgages, where conceptual
principles now govern over rigidly
prescriptive rules. At Ohpen, we
believe it’s beer to start at the end –
defining your objective rather than
focusing on problems to be fixed in
systems today. Technology has moved
JERRY MULLE
is managing director at Ohpen
on so far that a wholly different
mindset is needed.
This is why we work with
Cognizant, a firm which helps
companies to understand how to
reimagine processes and transform
experiences to modernise tech
effectively, so they stay ahead in a fastchanging world.
Broadly, we recommend bringing
people in early. By involving frontline
users early and framing change as
an opportunity rather than a threat,
the buy-in is there. This has the
added advantage that users oen
identify challenges that top-down
executives don’t.
Be clear about the vision and what
the end result looks like – clarity is
absolutely key from the start. Projects
involving multiple decision-makers
can quickly become unwieldy, with
individuals pulling in different
directions as things progress. Working
through eventualities and coming
up with strategies that allow for
adaptation along the way – without
compromising on the end objective –
means collaboration and agreement
from the beginning.
True transformation isn’t a oneand-done thing – it’s a continuous
journey, and key individuals in the
firm need to be kept involved. This
necessitates flexibility when it comes
to understanding integration on both
technical and personal levels.
In today’s market, adaptability
is no longer a nice-to-have, it’s an
essential. But it’s culture, and code,
that will ultimately determine which
firms move forward and which are
le behind. ●
