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Servicers are implementing regulatory technology to solve compliance problems as it helps lower costs by minimizing the time spent on compliance issues and the fines that can be incurred because of non-compliance.
FREMONT, CA: Companies globally are expediting their investments into enterprise technology platforms. Mortgage servicers should improve relationships with customers, tackle the growing demands of privacy regulations and security requirements, and remain competitive.
Here are three important mortgage servicing tech trends:
Strengthen Customer Data Solutions
Customer experience has become a vital competitive differentiator in mortgage servicing and other industries. Content services platform providers offer integrated sets of content-related services, microservices, repositories, and tools that shared content use cases such as document management, intuitive search, intelligent capture, automated classification, version control, business process automation, case and records management, and content analytics. These platforms can help firms capture a 360-degree view of their customers, providing vital insights into opportunities to up-sell or cross-sell customers, the kind of campaigns that can be run, and how to track them efficiently.
Prioritize the Cloud
Many servicing firms are strategizing with a cloud, and this technology will increasing push servicers who are risk-averse to consider moving to the cloud. Using managed services in the cloud to boost security and efficiency will enable the financial services industry to recognize the benefits of outsourcing management and hosting infrastructure like backing up data, using innovative security measures, maintaining and updating solutions to comply with national and international regulations, scaling solutions as data requirements fluctuate, and provide disaster recovery.
Regtech Adoption at Scale
Servicers are implementing regulatory technology (Regtech) to solve compliance problems as it helps lower costs by minimizing the time spent on compliance issues and the fines that can be incurred because of non-compliance. It also helps in the compliance process, acts as a source of internal governance, provides clarity and risk management via reporting, decreases the need for manual intervention, and provides improved data analysis to identify risks quickly and provide a solution.
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