From Paperwork to Seamless Transactions — How Digitization Reshapes the Mortgage & Finance Landscape

Results from a survey conducted by WoltersKluwer reveal that 72% of lenders believe using tech yields higher operational gains as opposed to using human capital, whereas only 9% say relying on humans will deliver higher yields. On top of that, 65% cite speed and efficiency as two vital benefits from investing in digital technologies — indicating how digitization can vastly improve current workflows all throughout the mortgage and finance landscape. 

The Fintech Revolution: How Technology is Disrupting the Mortgage Market

Institutions now process loans 63% faster than their competitors (shortening the average time of loan processing by 4–6 days); it's evident that digitization is reshaping not only how mortgage seekers find products but also how they go about acquiring them. Floify states that at present, blockchain technology has been hailed as one possible solution for moving more of these transactions into the digital space – where smart contracts can drastically expedite deals while increasing levels of security along with cost efficiency. Of course there's still much work left to be done on this side given laws differ from state/country, but many key players in this industry see real potential here and have already started exploring decentralized options for transferring mortgages at scale. 

Mortgage automation software is also allowing for a more efficient process - from filling out an application online to having documents aggregated directly from the source, staying updated on loan progress via notifications, all the way up to e-signing closures. Such software creates transparency between borrower and lender while also creating efficiency, making transactions easier than ever before. Infosys states that with 81% of customers preferring e-signatures rather than visiting a branch, digitization efforts are well received throughout the market as clients want something they can access without leaving their homes. Additionally, digitization not only saves time but money too – estimates suggest businesses can save up to $1 billion annually by implementing remote notarization processes thanks to advancements in technological support systems. 

 When it comes to buying a house on a mortgage, there's one important piece that most buyers often miss and that is hiring home warranty companies. Thisoldhouse highlights that these companies provide protection from unexpected repair or replacement costs for certain appliances and systems in the home. Not only does this help ensure that homeowners have peace of mind about sudden surprises on their bills but it also helps them budget in advance for any maintenance and repairs needed throughout the year. Plus, with various plans available, homeowners can select a coverage tier that matches up with their individual needs as well as their financial budget. 

The Future of Finance: Technological Trends Shaping the Financial Landscape

Digital transformation in finance is now centered around modern technologies like cloud computing, data analytics, artificial intelligence (AI), machine learning (ML) and even Internet-of-Things right at your doorstep. Companies are gradually merging legacy systems along with customer engagement platforms - be it voice assistants or personalized chatbots ensuring higher consistency across various channels for clients' convenience, which redefines how they do business moving forward. A survey of 100 C-Suite executives further reveals 61% companies have initiated new projects while 51% worked upon long term strategic vision taking initiative in accelerating some or all digital transformation plans enhancing agility and resilience, while simultaneously improving customer experiences above everything else.

So, if you're wondering whether to take the plunge into digitization — just do it. You may be pleasantly surprised at how much faster transactions will become and with what ease customer satisfaction seems to rise when experienced in a digital setting.