The role of technology in the home financing sector
Technology has had a huge impact on our lives over the past few decades. Many things we do every day would have been unthinkable a few decades ago. Video conferencing through our mobile phones, managing finances through apps, watching news programs online, shopping, gambling and even dating have all been enhanced by technological advances.
But what about home financing and mortgages? What are the key events that have driven growth in recent years?
Big data
Big Data is the collection, processing and use of large amounts of data. This information is then used to help companies make better decisions about their products and services. In the mortgage industry, for example, Big Data could analyze data from millions of contracts, including terms, costs, personal data (including average age, gender, occupation, location), default issues, and various other information.
The results can then be processed and used by companies to offer better services and tailored credit offers. The use of this data can also be useful for underwriting and assessing the credit risk of certain demographic groups. With significant automation of this process, mortgage lenders’ costs can be reduced, benefiting consumers.
Mobile use
Widespread internet access and accessibility through mobile devices are driving the demand for high-tech solutions. More and more consumers do not want to waste time talking on the phone or visiting institutions in public places. Instead, they want to be able to manage all their financial affairs on their phone, wherever they are and however they want.
Everything from opening a bank account and making payments to transactions and investments can now be simplified using a mobile device. Buyers can also compare mortgages on Trussle’s mortgage comparison site. By entering their needs and budget, they can consult all the offers from the main suppliers. This eliminates the need to call, visit or email each service provider, increasing convenience and customer satisfaction. It even offers features like mortgage calculators, so users can quickly determine what they can and cannot afford.
Artificial intelligence
AI has significantly simplified a number of key processes in finance. The use of artificial intelligence has reduced costs, made queries more accurate and saved time. In the mortgage world, AI is used to quantify the requirements of potential borrowers and process their applications.
The chatbot can retrieve documents, store them, forward them to other departments and even scan them to make sure they contain the right information. AI can also act as a 24/7 customer service, providing answers to various questions and referring customers to the right department. Moreover, AI collects and processes all the data it uses, which means it can be used for Big Data. Technology continues to advance, and with it, new ways of doing things. Blockchain, crypto and even VR & AR are just some of the other disruptive technologies that can be expected to impact the mortgage sector and many other industries in the future. Soon the thought of having to go to a mortgage broker and sign a piece of paper will be a thing of the past!
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