The author begins by noting the increased use of automation in the industry with loan origination software and automated underwriting engines now being used by many lenders. This has given rise to more efficient processes and has allowed lenders to provide a higher level of customer service as well.
The author then looks at how technology is being used to streamline the entire mortgage process. This includes the use of online forms to make it easier to submit applications as well as the ability to track progress throughout the entire process. The article also looks at the use of mobile apps which have become increasingly popular among borrowers as they can access information and communicate directly with their lenders instantaneously.
The author then looks at the way lenders are now using social media to interact with borrowers and build relationships. Lenders are also using data-driven marketing to better target potential customers and find the individuals that are most likely to take out a loan.
Finally, the author looks at the increasing focus on customer satisfaction in the industry. This includes the use of surveys and feedback systems to measure customer satisfaction and provide insights into what changes need to be made to improve the customer experience. The article also looks at how lenders are now utilizing digital strategies to ensure that they are able to keep up with customer expectations and provide them with the services they are asking for.
In summary, the article looks at how the mortgage industry in Canada is changing due to the increasing use of technology and automation. Lenders are now able to streamline the loan process and better target customers through data-driven marketing. They are also using social media and surveys to measure customer satisfaction and ensure that they are able to meet changing customer needs. All these changes have led to higher levels of customer service and satisfaction, making the mortgage industry a much more customer-centric field.
This article was contributed on Sep 28, 2023