A Timely Upgrade: 3 Ways Technology is Revolutionising the Mortgage Industry
Technology: it’s a marvellous thing that we’ve all come to embrace on a day-to-day basis. Some industries, however, have been slower to adopt new technologies, leaving it to disruptors to shake things up.
This is what we’re now seeing in the mortgage world, as the likes of AI and mobile apps start shaping the entire mortgage approval process, as well as altering how we shop around for mortgages in the first place.
This week, we’re taking a closer look at just three of the ways technology is introducing change to the mortgage industry – and why that’s a good thing.
1. There’s an App for That
It goes without saying that there’s an app for everything. Whether you need to track weight loss or buy insurance for your favourite possessions, there’s a mobile application to suit your needs.
This is now true of mortgages too, with the likes of Habito helping consumers to find the most suitable mortgage for them, all from their mobile. Habito first engages users with a chatbot, before analysing what’s on offer from over 60 lenders, and finding the perfect mortgage for their needs. They then continue to work alongside the user every step of the way, ensuring the process is handled faster and with greater transparency than ever before.
2. Automating Processes
Previously, mortgage applications could find themselves stalling with costs mounting as individuals work to manually tick off certain actions. Now, however, technology exists which can automate these smaller processes. Using a combination of AI and automated programming, simple tasks can be undertaken without a human user having to lift a finger.
The result is not just a faster approval processes, but also reduced costs for both parties, as employees aren’t tied into time-consuming manual tasks. Everybody’s a winner!
3. Better Off Bespoke
Bespoke software solutions are also playing their part in revolutionising the mortgage industry. Team Lunar’s experience with a mortgage expert saw us map the entire process and build workflows and bespoke MI reports which complemented the client’s requirements. What’s more, key documents were generated automatically and their population exclusively by the CRM now keeps the client compliant.
This allowed for a much broader view of what was happening in the business, as well as improving the overall performance of the sales team, and giving the client that all-important cash flow boost.
So, How Do Customers Benefit?
The likes of bespoke CRMs, chatbots and apps all have a place in improving how the mortgage industry works, but how do consumers benefit from the changes taking place?
In the 21st Century, it’s become important for brands and organisations to be far more transparent, and technology is enabling mortgage lenders and brokers to display that transparency. Now, consumers can see what’s happening at every stage – especially with the likes of Habito on side. What’s more, this creates a much stronger relationship between all parties, strengthening the brand in the process.
The sophisticated algorithms behind technological broker services also provide consumers with a much wider degree of choice, and offers exposure to lenders who may not have previously been considered.
Finally, all of this leads to a much faster turnaround in securing a mortgage – making for happy borrowers and healthier cash flows.
All in all, it’s still early days for mortgage technology, but as more and more disruptive start-ups make their presence known and US lenders demonstrate innovative new technology, we can be sure that the UK mortgage market will be embracing the future. And what a future it’s shaping up to be!