Vernon Building Society has selected FintechOS to provide a new mortgage platform covering the full lending lifecycle.

The move is part of the mutual’s effort to improve mortgage processing for brokers, borrowers and staff while keeping its existing core banking infrastructure in place.

The platform is intended to support mortgage origination from initial enquiry and Decision in Principle through application, underwriting, offer, completions, product switches and further advances. Rather than replacing the society’s core systems, it will sit above them as a single layer for product pricing and origination.

That approach reflects a broader challenge across financial services. Although institutions are increasing technology spending, most of their budgets still go towards maintaining existing systems. For lenders, that often leaves limited scope to modernise customer-facing mortgage processes without taking on the cost of replacing core platforms.

In the UK mortgage market, building societies have been increasing their share of lending. Industry figures cited by the companies show the sector accounted for 32% of all UK net mortgage lending in the first half of 2025, with total mortgage balances reaching GBP £493 billion and total assets of about GBP £677 billion.

The investment is part of Vernon’s wider effort to modernise its lending operation as it seeks to expand service without disrupting day-to-day activity. The lender grew its mortgage book by 4.6% to GBP £439.5 million in 2025, while total assets rose 5.4% to GBP £534 million.

Process overhaul

FintechOS said its latest platform brings together decision workflows, compliance rules, and product configuration in a single system. Vernon’s teams will be able to design and launch mortgage propositions through configuration tools rather than relying entirely on technical change programmes.

The system also combines product and pricing governance with origination execution, allowing the building society to adjust business rules, eligibility criteria, and offer logic within a governed layer that supports version control and audit trails.

For brokers, the platform includes a dedicated portal for registration, application submission, case tracking and lending updates. The aim is to replace manual coordination across several systems with a single process that provides a clearer view of case progress.

Borrowers are expected to see a shorter route from application to offer, particularly in remortgage and purchase cases where document handling and multiple review stages can slow the process. Internal teams are also expected to spend less time on repetitive administrative tasks and more on customer service and lending decisions.

AI tools

Alongside workflow changes, the platform includes AI-based document ingestion and data extraction for mortgage processing. It is designed to capture and validate information from supporting documents and route exceptions for manual review.

FintechOS said its AI assistant, FintechOS Dex, provides in-context guidance across the product lifecycle. It is intended to help staff navigate cases, locate information and use generative AI within controlled workflows, while leaving accountability with employees.

“A common misconception is that financial institutions have an AI problem; in reality, their challenge is largely an operationalisation one. We built FintechOS 8 around a simple premise: AI in financial services only works when it is grounded in real product data, real workflows and real governance. This release makes data and AI operational for financial institutions, not experimental,” Teo Blidarus, Chief Executive and Founder of FintechOS, said.

The deal comes as FintechOS seeks to position its latest software generation as a way for banks, insurers and mutual lenders to update customer-facing products without replacing legacy technology estates. It says it works with more than 60 customers across North America, Europe and Asia-Pacific, serving more than 25 million end customers and supporting over USD $100 billion in assets under management.

For Vernon, the project is tied to a strategy of combining established banking systems with newer digital processes in mortgage lending. The building society is based in Greater Manchester and Cheshire and also serves borrowers across England and Wales in specialist and bespoke mortgage segments.

“This is an important step forward for the Vernon. Our partnership with FintechOS gives us a modern, flexible mortgage platform that will significantly improve the experience for our members, brokers and colleagues. It allows us to combine the stability of our core banking systems with the innovation needed to support future growth. Most importantly, it helps ensure we continue to provide great service, quicker human decision making and a more transparent mortgage journey, while remaining true to our mutual purpose,” said Darren Ditchburn, Chief Executive of Vernon Building Society.

UK online retail spending rose 10.5% year on year in March as overall retail sales remained firm, according to figures cited by Parcelhero.

The delivery and retail analysis company said online sales values rose 2.4% from February, while total retail sales volumes increased 0.7% month on month. Over the first quarter, retail sales volumes were up 1.6% from the previous quarter.

The figures suggest a resilient consumer market at a time when there were concerns conflict involving Iran could weigh on household confidence and demand. The latest Office for National Statistics retail sales bulletin showed spending held up better than expected.

Some store-based categories also performed well. Textile, clothing and footwear retailers recorded a 1.2% rise in sales volumes as spring ranges reached shops.

David Jinks, head of consumer research at Parcelhero, said some of March’s strength was driven by fuel buying rather than broader discretionary spending.

“While there were understandable concerns that the Iran conflict, which started at the end of February, would impact consumer spending, ironically it helped drive up March’s result due to people stockpiling petrol. With automotive fuel sales stripped from the figures, March’s sales volumes were actually only 0.2% up overall.”

“What is in no doubt is that eCommerce did well. In terms of sales volumes, non-store retailers, the ONS category that is predominantly online sellers, reported volumes up 1.4% in March and 3.7% in Q1. March non-store sales volumes reached their highest level since February 2022.”

“The most spectacular results of all were for eCommerce sales values, the amount spent online. Online sales values rose by 2.4% in March over February and by 10.5% year on year, comparing March 2026 with March 2025.”

“Of course, monthly retail figures are notoriously volatile, which is why the ONS is increasingly concentrating on three-month figures. Q1 online sales values rose 2.5% compared with the previous quarter and, saving the best figures till last, 11.7% year on year against Q1 2025.”

“We’ll end with a snapshot of retail’s overall health. Total spend, the sum of in-store and online sales, rose 1.8% in March and online sales claimed 28.7% of the entire retail market. It will be fascinating to see if this surprisingly strong set of retail results holds up in April as the Iran conflict drags on.”

“Ultimately, however fickle or strong key retail periods of the year prove to be, stores with both a High Street and online offering are the most protected against unexpected events. Parcelhero’s new report, ‘2030: The High Street Fights Back?’, has just been launched as the sequel to its 2016 publication, ‘2030: The Death of the High Street’. The update examines the impact of eCommerce and events such as the pandemic on the High Street. It concludes that the High Street may not have reached a dead end by 2030 but, in this new age of retail, it will have arrived at its biggest crossroads,” Jinks said.

Online share

Beyond the monthly rise, the quarterly numbers suggest internet shopping continued to take a larger share of household spending. Online sales accounted for 28.7% of the total retail market in March.

That matters for retailers balancing store estates with digital operations. The data suggests consumers continued to direct a substantial share of spending online even as physical categories such as clothing improved.

The non-store category, used by the ONS to capture predominantly online sellers, reported sales volumes up 1.4% in March and 3.7% across the first quarter. March marked the highest level for non-store sales volumes since February 2022.

Mixed picture

The broader retail picture was less dramatic once fuel was excluded. Underlying sales volumes would have shown only a 0.2% monthly rise without the boost from automotive fuel purchases.

That highlights the tension within the numbers. Headline retail growth remained positive, but part of the increase appears to have come from precautionary buying linked to geopolitical uncertainty rather than a broad-based surge in discretionary consumer demand.

Even so, online spending values outpaced the rest of the market. First-quarter online sales values rose 2.5% from the previous quarter and were 11.7% higher than the same period a year earlier.

The contrast between sales values and sales volumes is also notable. Higher values can reflect consumers buying more items, spending more per purchase, or changes in product mix, while volume figures track the amount bought more directly.

For retailers, the data suggests digital channels remained a source of growth during a period of external uncertainty. It also underlines the uneven nature of consumer spending, with some sectors benefiting from seasonal demand and others from short-term reactions to international events.

March’s results combined several themes at once: a resilient headline retail market, a stronger showing for online spending, and a more modest underlying picture once fuel effects are removed. Online sales claimed 28.7% of the retail market.

Based in Des Roches Square in Witney, procurement firm Beacon International Trading Limited appointed liquidators Rob Keyes and David Taylor – both of KRE Corporate Recovery Limited – on Friday, April 24.

This followed a decision by shareholders, passed on the same day, to wind up the company which was founded in 2022.

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On its website Beacon said it had established itself as a “trusted global partner for wholesale procurement and supply chain solutions”.

It added: “We specialise in sourcing the exact products our clients need, securing reliable supply channels, and delivering to any destination worldwide.

“Our strength lies in our extensive network of international partners and long-standing industry relationships, which allow us to procure thousands of products across multiple sectors.”

This included agricultural machinery, arable farming supplies, and livestock procurement, with the business boasting experience in the USA, Canada, Australia, Africa, and Europe.

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The business and its appointed liquidators have been approached for more information about its collapse with it most recent financial statement reporting creditors of £579,795 falling within a year.

This was for the year ended August 31, 2024 at which time it had four employees on its books and reported a total equity of £256,161.

Those financial statements were unaudited and since then two of the directors of the company have resigned.