The current mortgage process is challenging for all involved. For customers, purchasing a home is likely the biggest purchase they will make in their lifetime. The knock-on effect is that pressure on mortgage providers to deliver a smooth and supportive service is intense, with customer emotions often understandably heightened. With tech integrated into so many areas of the public’s lives, customers no longer have the patience for outdated processes and clunky systems.
It's believed that mortgages were first available in Britain as early as the 12th century. The initial concept was that your property would be used as collateral against your debts. Your property titles would then be returned to you once your debts had been fully repaid over time. The question now is, how can mortgage lenders embrace 21st century technology to help solve problems rooted in the 12th century? Both customers’ and the providers’ lives can be made easier. The answer lies in digital transformation.
