Overview
The mortgage industry is in the midst of disruption that’s being caused by changing consumer behaviour and demands. Todays’ borrowers are more tech-savvy and more open to a complete digital experience. Customer experience is being redefined by other industries such as personal transportation (Uber), e-commerce (Amazon) and non-bank mortgage providers too are raising the bar. This is forcing banks to rethink the way to interact with customers, improve customer journeys and deliver seamless experiences. Heightened regulatory changes have strengthened, yet, have added complications to an already complex industry. Today, mortgage providers need to leverage technology to re-imagine and transform their business processes to build a consumer relevant mortgage business.
Infosys surveyed 251 senior executives from financial institutions across the U.S., the U.K., Germany, France and Australia, with revenue over US$500 million. The objective was to identify:
- where financial institutions are on their digital journey of transforming the mortgage experience
- the trends in the mortgage market, the challenges and opportunities for mortgage providers
- the areas of technology that can help improve the mortgage space
It dives deeper into the mortgage functions that executives are focused on in terms of investment and when these investments are expected to mature.
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The Key Findings
Top 4 takeaways from the mortgage research
72 % 72% of respondents felt that the impact of monetary policy on origination costs had been moderate or high.
66 % 66% of respondents believe that their performance across the mortgage lifecycle is much better than the industry benchmark
83 % 83% of respondents said that they have a well-articulated strategy for automation and are implementing that plan
69 % 69% reported that they were investing in Blockchain and in Artificial Intelligence and Machine Learning
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