DPR Group secures funding to invest in SaaS technology
DPR Group has secured funding from Norland Capital to invest in SaaS technology, with the intention of broadening its mortgage technology offering.
The group has invested several million pounds in new technology offerings, which focus on best of breed point solutions to improve digital interaction with customers.
The technology will be made available through Burrow, which is part of DPR Group and is officially launching in Q1 2021, following a successful pilot phase. Burrow will offer a client portal and retention journey.
In addition, DPR Group is developing a full digital mortgage platform that enables brokers and lenders to manage end-to-end consumer journeys.
The platform is API-led and can be integrated with other systems, meaning brokers and lenders would not need to replace any incumbent systems to use Burrow.
Data collected by DPR Group shows that 70% of consumers would use digital signatures and online ID verification; Burrow has therefore created its client portal, which allows customers to fill out fact finds and manage documentation through mobile uploads and digital signatures.
The solution also includes biometric ID verification and open banking features to improve efficiency.
Meanwhile, the retention solution aims to allow brokers improve customer loyalty, cross-sell more products and increase their retention rate with customers.
Dave Patel, chief executive of DPR Group, said: “One of the big issues is that with so much change going on, it’s hard for banks to change their whole origination solutions.
“Following investment from Norland Capital we can now invest in both further developing our core banking solutions, but also invest in new SaaS solutions.
“One of the first areas we have focused on is the interface between banks and mortgage brokers with their customers. A solution we’ve built following the acquisition of Burrow in 2018.”
Pradeep Raman, director of digital solutions at DPR Group, added: “We are very excited to announce further investment to build compelling products to transform the customer journey.
“The pandemic has accelerated the need for online handling of applications, and we’re delighted to be launching the digital mortgage platform now.
“We feel privileged to be able to assist brokers and lenders to deal with the challenges posed by the pandemic in what little way we can by being their technology and innovation partner.”