The traditional mortgage lending process has been long due for transformation. Even with breakthroughs in customer service, customer experience continues to present a challenge. It is, in fact, one of the main differentiators for lenders.
Several processes such as branch visits, documentation, and age-old credit calculation mechanisms present a huge transformation opportunity. The need to transform does not arise only to enhance customer experience but also to comply with the evolving regulatory and competitive landscape. Digital intervention is the key to transform mortgage lending, and the COVID-19 pandemic has also accelerated this push toward digital, making this the right time to embark on a digital transformation journey.
In this paper, we examine the current mortgage lending process, identify the key pain points for customers, and design a roadmap for the future. We recommend that banks look at digital solutions and transformation more holistically to achieve a seamless and truly integrated lending experience for customers.
Scope
Industry: Banking and Financial Services (BFS)
Geography: global
Contents
In this paper, we discuss:
The present mortgage lending scenario
The need to change
Roadblocks to digital adoption
The relevance of digital in mortgage lending today
Mortgage Operations – Service Provider Compendium provides accurate, comprehensive, and fact-based snapshots of 23 providers, including their scale of operations, technology solutions, risk management and regulatory reporting, delivery locations,…
