“Takeaways from MBA conference 2018”
Redefining Customer Experiences in Mortgage Lending & Servicing
Digital Transformation is not only bringing a radical change in the way business is carried out in the mortgage industry but also rapidly evolving consumer expectations. Due to technological transformation, Customer Service Performance has become an area of intense focus for financial institutions across mortgage lending and servicing operations. Mortgage companies and customers both are looking to benefit from cost reduction that technology advancements can provide. Infect “ease of use”, “accessibility & transparency” and “overall savings” are the major factors that are driving the big disruptions in the industry. Today, customers expect a good user experience in every digital interaction and even minor frustrations can greatly impact consumer confidence and decision-making. Mortgage companies are also using this digital transformation initiative and are changing their processes in mortgage lending & servicing to delight the customers.
Our President & CTO, Bhakta Yadlapalli & our senior management team attended the MBA conference this year held at Washington DC between Oct 14 th – 17th 2018.
There were around 4000+ participants from hundreds of industry partners representing the Mortgage Industry.
Here are some of the takeaways from the summit:
Digital Transformation – Key benefits for Mortgage Industry
Delightful personalized experiences to borrowers
Increased transparency to borrowers, lenders, investors, and regulators
Faster processing with reduced operational costs
Analytics and insights
Overall savings that can be passed on to consumers
Digitalization is impacting the mortgage process and it is imperative for lenders & service providers to stay tuned to these changes and adopt them proactively. Technology is no more a roadblock and today’s customers are very receptive to digitalization efforts. It is therefore crucial for the Mortgage Industry to spend time, money and efforts to identify digitization opportunities and translate them to services that delight customers.
The idea of using Predictive analytics is at the top of the mind for most of the CTOs. Noema Analytics (www.noemasys.com) being at the forefront of predictive and digital transformations is well positioned to be a value partner.
If you want to know more as to how Noema can help you gain competitive advantage through
30% -40% Reduction in overall MSP based cost of operations 6 months (general rule of thumb)
100% CFPB compliance
Workflow automation that can provide overall costs savings, improve productivity and scalability for growing business
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