Getting all mortgage industry stakeholders on board for radical digital transformation
Assurance Financial discovered that effective digital transformation requires more than point-of-sale technology
Digital transformation at Assurance Financial was compressed from “five years to five months” when Covid-19 restrictions meant mortgages had to be completed online, recalled Katherine Campbell, chief digital officer at Assurance Financial. To maintain the momentum and remain competitive, however, Campbell said the company had to “train the entire industry”.
In a fireside chat at PEX Live: Digital Mortgage Process 2022, Campbell explained that early attempts at using digital technology to improve the mortgage customer experience were mostly just point-of-sale systems, rather than “true digital mortgages”. A holistic approach was required, involving the digitalization of all processes, with the buy-in and upskilling of industry stakeholders beyond the financial institutions.
Realtors, settlement agents, title companies and appraisers were among the industry stakeholders that needed to be on board, Campbell said, along with ensuring the process was as seamless as possible for clients who have never taken out a digital mortgage.
