Infosys and Better Launch An AI-driven Digital Mortgage White-Labelled Platform for Banks & Credit Unions

Infosys and Better collaborate to offer Mortgage as a Service

An integrated technology & operations white-labelled AI-driven platform to help banks and credit unions provide their customers seamless digital mortgage and home equity loan experiences

Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, today announced a collaboration with Better Home & Finance Holding Company (NASDAQ:BETR, BETRW), a leading digital-first homeownership company, to launch Mortgage as a Service (MaaS), an integrated end-to-end digital mortgage white-labelled platform.

By adopting Infosys-Better white-labelled MaaS, organizations can revolutionize their mortgage operations. Better’s proprietary digital technology is an end-to-end platform including point of sale, pricing, underwriting, loan origination, closing, funding and investor sale - built to be cloud-native. Better has already funded over $100 billion in fully digital loans for the industry, and their status as an industry leader is reflected in their client Ally’s ranking as the #1 Digital Mortgage Platform by J.D. Power. Infosys is one of the world’s largest digital service providers to mortgage firms helping them to strengthen their technology and operations. With its digital-first, cloud-first and AI-first approach, Infosys is best equipped to help its clients to reap the advantages of Mortgage as a Service faster.

“Our strategic collaboration with Better helps us deliver best-in-class digital mortgage services to our customers in a highly innovative, scalable and cost-efficient manner,” said Glenn Brunker, Head of Ally Home, a top-rated national digital lender who has collaborated with Better since 2019. “Leveraging Better’s digital platform has also helped us limit operational volatility as the mortgage industry continues to evolve in the current interest rate environment.”

Henry Cason, CEO, Finlocker, said, “Infosys has deep expertise in the mortgage process and delivering large and complex programs for us while reducing transformation risks. This Mortgage as a Service solution, along with Infosys’ expertise, has the potential to help firms embrace a more efficient digital and automated approach to running business operations.”

Dennis Gada, EVP and Global Head – Financial Services, Infosys, said, “Infosys is a global leader in lending and mortgages. Through our AI-driven operations, we help clients originate loans at significantly lower costs than the industry average. Infosys and Better offer Mortgage as a Service that will allow us to bring to our clients integrated operations and technology with significant productivity benefits.”

Vishal Garg, CEO & Founder, Better, said, “In a market saturated with legacy products that inhibit digital transformation and lead to great inefficiencies and high costs, Infosys and Better offer increased multi-fold mortgage originations at unprecedented speed.”

About Better

Since 2017, Better has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates and close their loan in as little as three weeks. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans.

Better launched its “One-Day Mortgage” program in January 2023, which allows eligible customers to “go from click to Commitment Letter” all within 24 hours. From 2019-2022, Better completed approximately $98 billion in mortgage volume and $39 billion in coverage written through its insurance arm, Better Cover. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, and ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Over 50% Asia's Internet Users will be Using Digital Financial Services by 2025

Analysts of the international fintech holding UnaFinancial revealed that more than half of internet users in the developing countries in South and Southeast Asia will be using digital financial services by 2025. Besides, by 2027 even digitally underdeveloped countries in the region will provide access to the Internet and digital technologies to 85% of the population.

The research considered the penetration of digital financial services in Cambodia, India, Indonesia, Laos, Myanmar, the Philippines, Sri-Lanka, Thailand and Vietnam.

As the development of online financial services largely depends on the access to the Internet, the analysts made a forecast of the maximum Internet penetration for each country first. This level can be as high as 81-85% depending on the age structure of the population.

Taking into account the Internet penetration rate of the previous years, as well as the governmental measures towards digitalization and the impact of Covid-19, the analysts have predicted that Thailand, Vietnam, Indonesia, Philippines, Cambodia, India and Sri Lanka will reach the maximum possible Internet penetration of 81-85% by 2025. The two remaining countries, Laos and Myanmar, will reach this level in 2027. 

Given the year of the maximum Internet level for each country, the experts estimated the penetration of digital financial services. The forecast considered the share of the population having online financial accounts and increase of financial inclusion during the previous years.

It revealed that in most countries, more than 50% of internet users will be using digital financial services by 2025-2027. In India, Thailand, Philippines and Indonesia the level of financial services penetration will be especially high - from 62% to 69%. Meanwhile, in Cambodia, Laos and Myanmar it will be relatively low. In these countries, the development of online financial services can be faster if the government takes a combined approach to develop financial technologies in terms of the legal framework and increase of digital and financial literacy.