5 steps to digitally transforming mortgage origination
In the Rocket Mortgage and fintech era, banks and credit unions face unprecedented challenges to meeting expectations of potential borrowers for speed and an efficient, seamless experience. No one can transform overnight. But even taking one of five key steps will make a difference.
Nobody wants to become the next Blockbuster or Kodak. As a result legacy businesses in all sectors, banking very specifically included, are being forced to digitally transform to keep up.
That said, digital transformation is easier said than done, especially in the specialized area of mortgage originations, too often a highly complex and labor-intensive process. Transformation requires mortgage (as well as auto and installment) lenders to not only adopt new technology, but incorporate it into multiple facets of its everyday operations. That means frequently and rigorously evaluating the effects new tools are having on the customer experience. The more improved the experience, the greater its impact on a company’s bottom line. But technology of itself does not guarantee an improved experience.
A key step in an institution’s digital transformation is identifying which aspects of the business to transform and how. There are five specific practices that leading financial institutions should implement in order to meet their customers’ evolving expectations.
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