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The current mortgage process is challenging for all involved.
For customers, purchasing a home is likely the biggest purchase they will make in their lifetime.
It’s believed that mortgages were first available in Britain as early as the 12th century.
The initial concept was that your property would be used as collateral against your debts.
Your property titles would then be returned to you once your debts had been fully repaid over time.
Both customers and the providers lives can be made easier.
The answer lies in digital transformation.
What Can Be Done to Save the Day?
Organizations need better systems for organizing, accessing, and managing their data.
Well explore four key pillars that will support digital transformation in the mortgage sector.
Strategic Solutions Manager, Financial Services at Laserfiche.
This can lead to disjointed processes.
For optimum operational efficiency, a more forward-thinking approach is required.
Adopting a powerful process orchestration engine is key to hyperautomation efforts.
Artificial Intelligence
Artificial intelligence (AI) is opening the gates to mortgage heaven.
Chatbots can also offer more guided experience when reviewing forms or searching through websites.
Cloud Adoption
Many financial institutions have historically resisted moving sensitive information tocloud computing services.
Moving to thecloudalso offers more streamlined, cost-effective software maintenance and security updates.
This will result in better resiliency and better continuity for customers.
It will also support scalability within the sector, with IT resources freed up to focus on high-impact solutions.
That’s right - a death pledge.
Innovative financial institutions are already enhancing the customer experience with the use of cloud-based process automation tools and integrations.
And its not just customers that will benefit.
We’ve listed the best AI tools.
The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc.
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