Today’s consumers want to do everything from their phones. Conduct meetings from across the world, buy groceries, deposit checks, refill prescriptions, complete a doctor’s appointment, or view a live feed of their front door. You name it, there’s a way to get it done online.
Recent disruption to in-person options made this reliance on the virtual world even stronger and increased its reach into the few interactions previously untouched by technology. That includes the homebuying and mortgage process, start to finish, from pre-approval all through the homeowner’s journey
For credit unions, who are keeping more in their portfolios than ever before, it is more important now than ever to become a viable option for potential homebuyers by providing the mortgage experience they want. The prospective homeowners of 2022 want real-time access to their loan options and mortgage information. They want a private, safe, secure connection to their financial data supported by the same warm, caring experience they get from their credit union.
To prepare for this continued shift and secure market share, we have identified some trends credit unions should be aware of heading into the new year.
Top four mortgage technology trends for 2022
- Self-service improvements: As noted above, your members — especially younger members — prefer to conduct much of the homebuying process without assistance. They will continue to rely more on online banking capabilities and will expect their mortgage capabilities to provide the same easy, omnichannel experience. A desktop-to-mobile platform where members can submit inquiries about refinancing, second mortgages, and more are becoming table stakes.
- API adoption: After your credit union has taken the first step to invest in analyzing business operations and workflow, custom integration options can help you further streamline your processes. Using application programming interfaces (APIs) can help mortgage lenders improve efficiency, accuracy, and compliance by automating workflows that are currently performed manually. This means staff can devote additional time toward the relationships credit union members have come to expect.
- Increased use of BI: An effectively configured and managed business intelligence (BI) platform analyzes your member information to not only categorize but detect behavior patterns. This capability can help you identify members who may be looking to purchase a home so you can ensure they are aware of your mortgage lending services and help guide them through the process.
- Fintech collaboration: For most credit unions, building and maintaining the expected self-service omnichannel experience from scratch is unrealistic and unsustainable. Partnering with a fintech company or CUSO offering customizable capabilities can help you digitize your lending process without having to invest unnecessary funds, labor or time. Many credit unions find these partnerships an effective way to deliver big bank-style tech while preserving the personalized service members expect.
In 2022, business operations will continue to become more reliant on technology, and people will leverage that technology to make time for what matters most: human connection.
Teaming up with a CUSO or fintech company can help you digitize your mortgage lending process. We would love to help guide you through this conversation if you have more questions, please contact Nathan Santomieri, Manager of Client Acquisitions and Success, at nsantomieri@truhome.com.