bankingciooutlook

How Technology Trends can Impact a Business

Banking CIO Outlook | Monday, May 03, 2021

People have also seen an increasing number of Realtors use FaceTime, Skype, Google Hangouts, and other video conferencing platforms to communicate with prospects, host virtual open houses and showings, and provide on-demand service from a distance even if the customer is only a few blocks away.

Fremont, CA: Technology is evolving. The same goes for competition and customer preferences. What are the latest digital mortgage technology trends? What would it take to remain in business and win in the coming months and years?

How the Mortgage Industry is Changing

Here are some of the ways the business, demands of borrowers, and tech is changing things:

Unified Home Buying Services

The need to integrate resources and provide a more unified experience for home buyers was one of the main takeaways from this year's Digital Mortgage Conference.

If a business is not going to become a one-stop-shop, one should think about what strategic alliances they can form to provide robust and streamlined service to home buyers and refinancing borrowers. If not for the benefit and competitive pricing, then for the sake of delivering a better user experience.

Virtual Loan Officers

It has also seen that an increasing number of Realtors use FaceTime, Skype, Google Hangouts, and other video conferencing platforms to communicate with prospects, host virtual open houses and showings, and provide on-demand service from a distance even if the customer is only a few blocks away.

Although it may take longer to integrate this form of service into the mortgage loan industry in a structured and observable manner, it is not far away.

Meanwhile, more loan officers and lenders are using text messaging and online live chat features to provide on-demand service. Consumers may be hesitant to pick up the phone and call or to give up their email addresses, but they prefer text and online chats that provide them with live assistance on the spot

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