Drivers of change Consumer Demand Professionals Mobile Devices Regulation Millenials big influence This growing population is a big part of the change Have a knack for Technology ID: 781747
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Slide1
Future Trends in Mortgage Industry
Slide2Drivers of change?
Consumer Demand
Professionals
Mobile Devices
Regulation
Slide3Millenials
big influence
This growing population is a big part of the change!
Have a knack for Technology
Want experience more in line with their expectations.
Extensive use of mobile devices – actually use more than PC and have with them at all times.
Main tool to interface with applications, information, and above all, communications.
Slide4(continued)
Email is not effective, we know this!
Text messages have a 95% open rate
We MUST adapt!
Slide5Technology = Experience
Consumers expect to have a simple convenient solution for all their business needs.
Mobile and Web technology provide tools & flexibility that offer convenience and overall experience.
Products don’t drive decisions, but technology will and does!
Slide6Inside Industry
“Our teams want a more efficient and effective way to do their job. When processes become more efficient it gives way to productivity.”
Consumers want convenience, and flexibility.
Mobile device usage continues to grow across the population while technology continues to enhance the ways we can use these devices.
Slide7Regulation
Greatest challenge is to find compliant balance between innovation and regulation.
Consumer protection
Transparency
Education
Cost reductions – efficiency, error, audit
Slide8eMortgage
experience!
Today and future – share detailed information easier, faster, with advancing technology such as Artificial Intelligence.
Regulation could enable or stifle innovation
Goal = full
eMortgage
experience
Require regulation to re-examine home purchase in digital world and change out dated laws
Slide9How can lenders evolve technology to meet demands of the consumer?
What are the consumer challenges and desires?
What are the challenges facing lenders?
Slide10New technologies are not being created for industry; Need to leverage existing into our industry.
Think Turbo Tax!
(self-service portals, mobile apps, AI,
chatbots
)
Technology based solutions exist today and proven widely successful in other industries
Slide11Brand Awareness
Market Share
Customer Satisfaction
Process Efficiency
Costs
Slide12Current Top 5 problems
From Consumer Perspective:
Process took too long
Too many requests and lost documents
Lack of communication
Loan Officer/Representative not available
Deadlines missed
Slide13“repurpose” technology
Mobile technology to all parties to the loan process
Logic and 3
rd
party data sources in application
Property search tools – relationship and value
Loan status tracking and internal messaging
Secure doc sharing and signing in one safe location
Automated alerts and reminders – on schedule!
Create a positive experience with single intuitive solution.
Slide14”New” lending experience
Provide tools to help educate borrowers on lending options prior to engaging lender
Create more self-service solutions
Advancements in Artificial Intelligence will influence consumer behavior and demand technology as part of the lending experience
More about the experience and control then programs and costs
Slide15Future Technology Focus
Real information, fast, easily, from trusted source.
Transparency with the consumer
Give control to consumer
Self-serve, concierge style solutions
Improving efficiencies for all involved
Reduction in costs
Reduced home purchase/loan timeline
Slide16Slide17