Elevating the Client Experience with Frictionless Credit and Non-Credit Onboarding 

Choosing the right digital mortgage vendor can feel daunting. Mortgage lenders must consider not only their own business needs, but also federal regulations that impact how they manage and access their borrowers’ data. In an increasingly tech-heavy mortgage environment, lenders are navigating new digital solutions to fix old problems. But with these exciting new breakthroughs comes the possibility of data compromises, disjointed products, and compliance problems.

How can lenders successfully vet vendors? What are some indicators that a mortgage vendor is well-positioned to deliver operational efficiencies while adhering to appropriate compliance standards? We’ve put together a list to help lenders better research potential vendors.

With 2023 underway, savvy lenders are looking for mortgage tech that will help them navigate the economic headwinds this year is slated to bring. Efficiency, cost savings, and better collaboration are top of mind for many lenders. But which part of the mortgage journey can they digitize?The closing process is fertile ground for reimagination and digital transformation. Lenders who are frustrated with the pitfalls of traditional closings, such as the additional costs associated with manual review and paper-based processes, should consider hybrid and full eClose solutions. Digital closings are a clear choice for operational efficiencies with benefits such as the ability to handle more closing packages over shorter time frames, reduced risk, and optimized communication.

Digital closings are great for the borrower, too. Borrowers enjoy a less stressful, more straightforward process, resulting in greater trust in their lenders. When borrowers are happy, lenders see more referrals. Plus, a seamless digital closing experience helps lenders shine bright among their competitors.

What else can digital closings do for lenders in 2023? Dive into the details in our infographic.

The COVID-19 pandemic highlighted previously unaddressed issues in the mortgage landscape and put pressure on lenders to quickly update their systems to meet the challenge.More recently, in response to interest rate uncertainty we’ve seen record amounts of mortgage products being removed from the market in the UK, more than during the pandemic. Digital transformation is no longer a ‘nice to have’, but a necessity to better respond to changes in demand and adapt to an evolving market. With many lenders now looking to, or having already started to, digitally transform their lending operations, it’s time to discuss the ways in which they can de-risk the re-platforming process.

“The current climate proves once again why lenders need to ensure they have built in agility across core technology stacks to facilitate rapid responses to market changes,” said Will Stevns, Partner, Customer Led Transformation in Banking, PwC.

Open accounts anywhere, anytime, on any digital device in three minutes or less with nCino's Deposit Account Opening Solution.

In 2021, the number of small businesses in the United States reached 32.5 million, making up 99.9% of total US businesses. In other words, there’s nothing “small” about small businesses.However, the small business banking experience can be fragmented and often requires in-person interactions for simple banking needs, such as opening an account. nCino is excited to make the first step in the small business banking experience even easier with our Business Deposit Account Opening solution.

nCino’s Business Deposit Account Opening Solution enhances the small business experience by meeting the expectations of small business owners while solving the main issues businesses and financial institutions (FIs) face in the account opening process. These challenges include:

Today’s consumers no longer compare banks solely with other banks. Instead, they’re weighing the convenience, speed, and personalization of their financial institution against the service they receive from companies such as Netflix, Uber, and Amazon. And in many cases, traditional banks limited by cumbersome manual processes simply can’t keep up.This is perhaps most apparent in the deposit account opening process, where asking a customer to enter sensitive financial information and then wait up to three days to verify micro-deposits can feel slow, frustrating and full of friction.

In fact, research has quantified just how important a quick account opening experience is: