But technology is more than just a processing tool. As the market becomes more reliant on technology, industry professionals need to reconsider the ways in which digital mortgage systems can take advantage of their potential so that lenders can provide borrowers with even faster solutions to the lending process.
“There are too many apps and it can be confusing for a customer to know which to use. At some point the technology needs to be more integrated between companies, or I might see customers being overwhelmed and simply choosing to call the lender or go to their website, ”said Fulford.
He highlighted some of the most common mistakes that are made with digital solutions on the origination side that could potentially put customers off.
“Businesses need to ensure that the experience is consistent across mobile, web, and phone. When every channel looks and feels different, customers may get confused and ultimately not like the experience enough to go elsewhere, ”he explained.
“The future is about providing the right data at the right time and at the right time in the creation process – often through bite-sized API (Application Programming Interface) solutions – so that lenders can easily operationalize and create a customer experience that they can get from their customers differs. Competition, ”he said.