Legacy technology remains a formidable obstacle in the mortgage market, hindering efficiency, innovation and adaptability. Outdated systems impede businesses, leaving them vulnerable to market shifts and competitive pressures.
Josh Skelding is the commercial director at Fignum, a Cambridge-based software development company, specialising in loan origination and services for mortgages, motor finance, and various other loan types.
Here, Skelding breaks down how the firm is tackling a space plagued by legacy tech, how it hopes to help firms evolve, as well as what the future holds in store.
Tell us more about your company and its offering
Josh Skelding, commercial director at Fignum
Launched in 2019 as part of the Bluestone Group, Fignum is a software development company specialising in loan origination and servicing for mortgages, motor finance, and various other loan types.
Our highly configurable technology is at the forefront of our offering, and what sets us apart from our competitors. The software is tailored to meet the complex demands of today’s market by automating lending decisions, document processing, and payments.
Initially the dedicated in-house IT team for the Bluestone Group, our solutions are also forged from real-world experience in financial services, developed with lenders’ needs in mind, and include over 30 integration options for providers, reflecting our adaptability.
What problem was your company set up to solve?
Fignum was created to tackle the challenges posed by outdated legacy technology, which often lacks intuitiveness and ease of navigation for users.
The mortgage market has been marked by instability in recent years, with volatile swap rates causing widespread product withdrawals, often with very little notice. For many lenders, dependency on legacy technology has become a significant barrier to reacting to these changes. Our flexible and integrated loan origination platform turns this on its head and enables lenders to react swiftly.
Our platform is designed for easy integration with both modern and legacy systems, overcoming outdated technological inefficiencies. By transforming the onboarding process, we can provide more competitive project timelines and costs, enabling businesses to adapt to new market realities quickly.
Since launch, how has your company evolved?
Fignum has experienced significant growth and transformation, firmly establishing itself within the Bluestone Group alongside entities such as Bluestone Mortgages, Bluestone Motor Finance (Ireland), and Bluestone Consumer Finance.
In 2023, Bluestone Mortgages and Bluestone Motor Finance were acquired by Shawbrook Bank and Close Brothers respectively. This change has redirected Fignum’s focus towards leveraging and commercialising the cutting-edge technology that drives the success of these businesses.
Drawing on our technological expertise, we have a proven track record of enhancing operational efficiency and facilitating innovative financial solutions, such as Bluestone Mortgages pioneering the Deposit Unlock scheme. Our goal is to make our technology more widely accessible while continuing to innovate and expand our influence across financial services.
What has been the biggest challenge or most ‘tricky moment’ to overcome?
One of our primary challenges has been determining which solutions to prioritise within our development agenda.
The mortgage and motor finance sectors have been particularly volatile, compounded by the recent FCA investigation into discretionary commission. The economic and political landscapes further complicate matters, requiring us to strike a balance between adaptability and strategic planning.
What are your biggest achievements or ‘proudest moments’ so far?
Our most notable achievement has been the rapid development of our software, completed within 18 months from scratch. Developing a solution with a wide array of functionality, configurability and an easy-to-use interface is no easy feat and a testament to the collective effort of the whole team.
We developed our technology with a focus on seamless integration with our client’s business processes, ensuring minimal training requirements while maximising the efficiency of the implementation process, demonstrating our commitment to providing agile technology – a crucial aspect as businesses adapt to changing market conditions.
How would you describe the culture of your company?
Our culture is a key part of this success. We work in a supportive and friendly environment, with a strong commitment to technological innovation. Operating with a flat hierarchical structure, we promote transparency and encourage every team member to actively contribute to driving change as well as creativity. This collaborative approach enables us to deliver cutting-edge solutions that meet the needs of our customers.
Located in Cambridge, a UK tech hub, we’re determined to stay at the forefront of tech developments, and this also gives us access to some of the most exceptional talent available.
We regularly host workshops on innovation that are becoming a regular occurrence in the office. AI is already transforming the financial services landscape, and we regularly discuss AI solutions and explore how the technology can be applied to loan origination. These sessions provide a valuable platform for collective brainstorming and discovering new ideas.
What’s in store for the future?
This is just the beginning for Fignum. As we look forward, our solutions are ready to impact financial services on a large scale. This year, we plan to roll out our services to more mortgage lenders and motor finance providers to enhance their offerings and better serve their customers. We’ve recently become a corporate member of Asset Finance Connect. This partnership is a key milestone and also allows us to collaborate closely with industry leaders to drive forward the advancement of technology in motor finance.
In the next few months, we’re excited to unveil our updated website and rebrand of our loan origination product. We’ll also be attending industry events to connect with our peers, including the Building Societies Annual Conference in May and Credit Week in Wales this June, to share knowledge on the latest industry topics.
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