Digital transformation is the processes and activities companies are taking on to use digital means and technology to impact their organization model as their goals align with the efficiency, speed, and automation of all tedious processes. In every industry, there is a run towards the most agile, profitable, competitive, sustainable, scalable, and valuable technology that is new and upcoming. Companies are driving innovation with these upcoming technologies and rising companies are faced with overcoming the barrier of putting these competence edge tools and adapting the new environment of business procedures. With more use of technology in the workplace and workforce, the amount of data today has rapidly reached 64.2 zettabytes in 2002 and is expected to grow more than 18p zettabytes by 2925.
The amount of data that is created, manipulated, captured, and consumed throughout the world is only rising and companies are faced with dealing, comprehending, and applying the tools and techniques to analyze these vast amounts of data. It is crucial in the decision making process that using high quality data can give you actionable insights and accurate projections of the company in order to make good decisions.
In the mortgage industry two major factors being the pandemic and the rise of technologically acclimated home buyers have brought upon issues that financial institutions face and are adapting to. The need to offer online mortgage applications has been at an all time high as some institutions were still weary with taking on these technological advancements in the financial space. However the necessity of an online platform to apply for loans and mortgages has been brought to the attention of online lenders and has prompted lenders and realtors to ”re-imagine” the process of customers in getting a mortgage experience with the new wave of digital transformation.
The home buyer market has shifted; millennials aged 22-40 are the largest bracket in the home buyers market at 37%. People are more technology savvy nowadays and the convenience of an online platform could be a make or break decision for many customers in opting for a lender.
To serve the buyers of today, lenders need to create an online platform for application for mortgages, loans, and real estate, There is a huge market that serves this need for transformation and with high quality customer service receivable online through these lenders, with marketing and the power of technology and user experience in reviews, there is a possibility of major growth for financial institutions.
Machine learning and the adoption of artificial intelligence (AI) has gone a long ways in the automation of time intensive process for applications in other industries.
Paperwork and accountancy is leaning towards automation and removal of the long tedious process of legal matters. machine learning and AI allows for the assessment, organization, and analysis of the documents by potential home buyers in under a quarter of the time a lender would be able to. With customer service being more a priority, implementation of APIs, blockchain emerging, and higher fintech involvement within the sectors, companies are faced with ways to adapt, innovate, and transform their business structures to fit the new age of technology.