10 Questions to Ask When Choosing a Home Lending Platform
But times of great disruption and complexity can unearth new opportunities for challengers to take the lead. The big question is: how can they achieve this?
Recent findings suggest that building software platforms in-house has fallen short in meeting digital transformation objectives for a significant 70% of financial institutions. To bridge this gap, a shift towards the adoption of Software-as-a-Service (SaaS) platforms is necessary. These resources make enterprise-level technology accessible to financial institutions of all sizes, leveling the playing field.
However, a successful transition to SaaS platforms demands more than just adoption. It requires a culture of partnership and collaboration, underpinned by speed and agility in decision-making and execution. Choosing the right home lending platform involves a careful evaluation of the vendor's finance domain expertise and technical implementations, ensuring that the chosen platform has the potential to transform operations.
Deciding whether to build in-house or buy a platform depends largely on the unique needs, resources, and control requirements of an institution. Collaborative partnerships should not merely focus on installing software but should aim to usher in sustainable change and transfer essential skills to the in-house team.
In the quest to refine the lending process, a meaningful customer experience is imperative, and simplifying and streamlining the home lending can significantly enhance customer satisfaction. At the same time, creating a rewarding experience for brokers, who play a critical role in this ecosystem, is also essential.
These are just some of the many benefits of selecting the right platform. Other benefits include transparent reports, faster approval processes, cost efficiencies, improved customer and broker retention, and more.
In our latest guide, we arm lenders with 10 strategic questions to ask vendors that will help fast-track your home lending transformation, avoid common pitfalls and ensure you invest in a platform and partnership that aligns with your needs today, and into the future. Download our free guide now to learn more.
The mortgage industry has seen some significant changes in recent years with the introduction of digital technology solutions. Organizations are increasingly turning to technology for avenues of competitive advantage, leading many companies into a state of flux as they adjust their business model and digital mortgage strategies to create and maintain profitability with long-term success.
