It is an unprecedented time for mortgage lending. Customers across the financial landscape have different expectations post-pandemic. With low-interest rates and the value of gross mortgage advances at their highest level since 2007, providing a responsive, personal and automated experience to take advantage of the market has become vital for lenders. To stay one step ahead, mortgage lenders need to look at the advances in artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and APIs and adopt mortgage technology that will best help them meet customers’ changing needs. Following these trends, market evaluations forecast that the global mortgage lending market is projected to reach $27,509.24 billion by 2031, growing at a CAGR of 9.5 percent from 2022 to 2031.
Among the trends that are driving Mortgage tech RPA is the most prominent. RPA implementation in mortgage banks would allow the employees to focus on strategic, value-added activities, which can result in a better customer experience. At the same time, the bots can be leveraged to improve loan processing significantly. RPA presents an incredible opportunity to change the way mortgage lenders work fundamentally.
To spotlight other vital developments, Banking CIO Outlook shows how companies use the latest technological developments to improve loan processing and enhance user experience. This edition also features thought leadership articles from Laura Merling, Chief Transformation and Operations Officer at Arvest Bank, Jeremy Coughlin, Vice President, Enterprise Analytics of Coast Capital Savings, and Fraser Collins, Group Head of Commercial Finance of International Personal Finance. They shed light on the latest trends in mortgage tech, including modern tools to attract and retain new customers.
In this edition of Banking CIO Outlook, we also bring top mortgage technology solution providers to deliver the best outcomes to their clients. In the list, PMI Rate Pro particularly stands out for its easy-to-use quoting platform that enables mortgage loan originators (MLOs) to fill out one brief form and generate results from all the national private mortgage insurance (PMI) providers within seconds.
Through the following pages, we aim to highlight the innovative trends and latest developments in the mortgage technology space. We would like to know your thoughts.
