Reducing cost of mortgage operations with Intelligent staffing
Digital transformation is critical to the lending industry's success, and significant progress has been made - particularly during the pandemic. According to research, 92 per cent of mortgage firms have at least doubled their digital transformation pace in the last year, and 20 per cent have quadrupled it. The mortgage industry remains one of the most paper-intensive segments of the financial services sector, but consumers nowadays expect a simplified digital lending experience. Long, drawn-out loan approval processes may cause customers to find other alternatives. Further, out-of-date tools and workflows do not allow the needed personalization to understand and service customers, as they have limited access to insights from loan data. This can happen when digital changes are implemented piecemeal, and information is not shared across technology platforms. Adopting a more modern technology approach is one way for lenders to overcome these challenges. However, large technology investments are neither practical nor sufficient.