The mortgage industry has seen some significant changes in recent years with the introduction of digital technology solutions. Organizations are increasingly turning to technology for avenues of competitive advantage, leading many companies into a state of flux as they adjust their business model and digital mortgage strategies to create and maintain profitability with long-term success.
Home lenders of all sizes across Australia and New Zealand are facing significant headwinds from many directions. But times of great disruption and complexity can unearth new opportunities for challengers to take the lead. The big question is: how can they achieve this?
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.
