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.
There are few financial products as consequential to consumers as a mortgage. As such, the mortgage origination process demands a personal touch – making data an essential part of the mortgage process.
This personalized 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.
The digital “new normal” has highlighted where financial institutions are falling behind or relying on outdated systems and methods of operation. 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.
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.
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
- How data is a building block for the initial and ongoing relationship between loan originator and customer
- Why 60% of the industry says their ability to offer personalized services is “average at best” or needing improvement
- Strategic investment focuses with 42% of mortgage providers believing that bringing legacy technology up to speed will be a major focus for the future
We hope you enjoy the report, if you would like to learn more about how MongoDB can help, take a look at our MongoDB for Financial Services page.