New FinTech Futures Report: Mortgages – the final digital frontier
New FinTech Futures Report: Mortgages – the final digital frontier
FinTech Futures has launched its latest deep-dive report and survey in the industry, focusing on the ongoing digitalisation of the mortgages sector.
In this research report, you will discover:
- Whether mortgage providers really know their customers
- What the digital differentiator market leaders believe will change the game
- Why cost and interest rates are no longer the be-all and end-all for attracting new business
There are few financial products as personal as a mortgage, so providers always feel they must provide a perfectly personalised service.
This need for a personalised approach makes data an essential part of the mortgage process.
Whether in the form of stacks of paper or an organised database, data is not only a key part of day-to-day origination and processing, but also a fundamental building block for the initial and ongoing relationship between loan originator and customer.
This personalised touch used to come in the form of a heart-to-heart conversation in the branch. Yet times have changed in both the way customers expect to interact with their lenders, and the availability of technology for servicing those customers in a more efficient way.
60% of the industry says their ability to offer personalised services is “average at best” or needing improvement.
It is easy for mortgage providers to focus on the personal touch, the face-to-face meeting, and assume that this means back-office systems, strategies, and processes that may be out of touch or creaking under the demands of a new world can be ignored.
That line of thinking needs to be brushed away, and with an urgency demanded by the rapid adoption of digital services which has occurred since the start of the COVID-19 pandemic.
The digital “new normal” has highlighted where financial institutions are falling behind or relying on outdated systems and methods of operation.
42% of mortgage providers believe that bringing legacy technology up to speed will be a major focus for the future.
The new normal doesn’t just mean granular updates, nor does it mean shifting years-old technology into the cloud.
It means adapting to serve clients who wish to interact with you over multiple channels and with a higher expectation of service.
How mortgage providers react to the new normal, and where areas of investment are made will be crucial in securing market share in the coming years. Already moves are being made and new strategies are evolving.
FinTech Futures, in collaboration with MongoDB, went to the market in search of the technological and strategic priorities for leaders and executives in the lending space as we drive into a digital future.
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