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Finally, digital technology gives lend-
Smaller may be better
ers and mortgage companies a digital
system of records. This auditability helps
streamline the process and ensures infor-
mation remains secure while providing
improved levels of accountability and a
deterrent for fraud and manipulation.
Many traditional banking organizations
have not invested in digital-lending
technology. It looks as if digital platforms have made it feasible for smaller
players to scale up faster, giving them
an edge. Operational adequacy and
recognized brand names are no longer
enough to ensure long-term subsistence in the mortgage industry.
Household brands also cannot
maintain borrower attention anymore
without offering some sort of person-
alization. Borrowers want to complete
the mortgage process on their terms at
any given time. Without the appropri-
ate digital technology, banks and large
lenders cannot meet borrowers’ needs,
giving other forward-thinking compa-
nies the chance to gain market share.
In fact, companies outside the mortgage industry now have easy access
to financial services because of their
technological intelligence. Uber is one
example of this: They are in the process of creating technology products
that interface with a driver’s insurance.
Because of this type of innovation outside of the financial industry, the need
for onboarding digital technology
has become vital to small lenders and
Focusing on the future
For the mortgage industry to catch up
with other markets on the digital landscape and get into a position to innovate for the future, it needs to focus on
consumer enhancement. A survey of
2,000 U.S. adults performed by Harris
Poll concluded that 93 percent of individuals found quality customer service
was a vital factor when choosing a
Today’s consumers expect more interaction through all types of digital
channels at a time when mortgage
companies also are expected to put
efforts into marketing and branding.
Finding a clever combination of digital
marketing and big data will be the recipe for success in building customer
Companies need to find ways to
develop an infrastructure that provides more borrower insights so they
can then utilize customer relationship management (CRM) systems that
engage with and stimulate customers
to enhance their experience.
Borrowers also are beginning to
demand that the mortgage industry
must operate in ways they are comfortable with. In short, they want mortgage
companies to be consistent with businesses in every other industry. Social
media sites, for example, have changed
the way people interact with business.
A digital platform that recognizes
this evolution is key for growth in the
mortgage sector. A platform that allows
for continuous change and alters the
way consumers think about credit will
be the next form of progress in digital
lending. This includes software that
provides a unified integration among
borrowers, sales and Realtors — all
under one platform.
Data virtualization will give originators the ability to create personalized
and detailed profiles of clients, allowing
them to offer products that are targeted
to a specific consumer’s characteristics,
much like Facebook manipulates data
to deliver different advertisements to
Lastly, improved updates and delivery cycles that enhance consumer in-volvment need to be released rapidly.
Consumers are already living in the
digital age. Mortgage companies must
actively seek out the modern resources
available to them in this digital era or
risk falling further behind. n