Data Automation is the New Battleground in the Mortgage Industry
It’s a crucial time for the banks and brokers operating in the mortgage industry, which face the challenge of ratcheting up their digital DNA in the face of so much competition and falling profits.
The starting point for any improvement in this direction needs to be data, however. Data is the driver for end-to-end processing, but also generates insights that turn into new revenue opportunities.
Automating data ingestion will reduce costs and deliver new revenue streams as mortgage providers tap into customer and property data currently trapped in applications, contracts and valuations.
Benefits of data digitisation include
Lower Operating Costs with straight-through processing of loans
Repurposing Staff: Employees can now refocus on providing a higher touch customer experience
Faster Loan Processing: Automating loan processes means only exception handling is required by employees
Better Compliance and Risk Management: Built-in business rules enable compliance checks and alert employees if there is missing or incorrect information
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