bankingciooutlook

How Technology can Improve the Consumer Experience

Banking CIO Outlook | Tuesday, August 02, 2022

The banking industry has led the way in terms of digital transformation and innovation. - With digital applications and fast transactions, everyday banking has led the charge.

Fremont, CA: The mortgage industry has been lagging for some time, but innovators and disruptors believe technology can bring significant change, particularly to the homebuying experience of customers.

The property business confronts various issues, including a lack of client education, inadequate coordination among industry stakeholders, and the sheer volume of information and time required to buy or sell a house. As a result, one-third of all property deals fail, which might be prevented in many circumstances if customers, sellers, and other parties share information upfront.

Technology has much more to offer the homebuying process, but the customer journey cannot begin unless people - both buyers and sellers - know where to begin. The Property Trust Framework intends to make BASPI more accessible to the general public and business participants.

Another significant barrier is the number of times a client must submit the same information to different entities. At each level, many stakeholders require identity verification and checks on personal, financial, and credit histories. This is time-consuming, perplexing, and annoying for the client.

Ways technology can improve the consumer experience

Only over 65 percent of English households own their homes, and the younger the group, the smaller this number. On the other hand, 96percent of the total homes have an internet connection, and a 76percent of persons with a bank account utilize online banking. In other words, the UK is poised for a spectrum of technology solutions that will accelerate operations and reduce the customer experience from idea to purchase.

In terms of efficiency, AI-driven decision-making provides faster and more accurate underwriting by merging different data sources, freeing up mortgage industry personnel to analyze outlier circumstances where human involvement is required. RPA automates people-intensive and sophisticated operations that would take weeks or months to complete manually. In contrast, optical character recognition (OCR) automatically scans and extracts data from evidence documents, eliminating the need for manual review. Property intelligence is a rich source of upfront data that may be used to aid loan choices and decrease risk.

On the customer information front, blockchain provides proof of asset ownership and traceability, which speeds up the conveyancing process. This system makes a shared dataset, including verified identification, available to all stakeholders safely. It can help customers make more informed decisions and eliminate the need for them to deliver critical information to numerous persons many times.

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