Accelerating Consumer Relevance in Mortgages
Market share and profitability for mortgage firms are deeply affected by rapidly evolving customer expectations, increasing regulatory complexity and competition from nimble challengers that use technology and analytics to race ahead. Customer expectations following digital disruption have already outpaced existing processes used by mortgage lenders. Meanwhile, new agile players are leveraging the power of analytics and AI with flexible technology to demonstrate higher relevance and gain greater market share.
Infosys empowers lenders to accelerate consumer relevance in the mortgage business by reimagining loan origination and transforming mortgage servicing. We help them modernize and accelerate these processes while delivering a seamless and omni-channel experience for end customers. Our proprietary solutions across artificial intelligence (AI), intelligent automation and advanced data analytics provide complete business process digitization. Moreover, we leverage deep industry knowledge to ensure compliance, reduce cost and improve operational efficiencies.
To compete in these times, firms must focus on key imperatives like:
- Providing dynamic E2E digital platforms that streamline customer journeys from search-and-shop till closing. This also caters to 15% of the millennial consumers who prefer online E2E mortgage origination processes
- Mining the potential of advanced analytics to improve revenue growth, customer experience and costs
- Deploying a suite of approaches for process optimization, automation and AI to increase profitability
A front-to-back transformation in mortgage requires optimization and intervention across complex process and technology ecosystems. This should aim to create capable platforms that drive faster and efficient application processing and delightful customer experience. Infosys helps firms create and operate such next-gen platforms to reimagine and transform the mortgage value chain. We have helped clients reduce the origination cycle time by up to 50% and operational expenditure by up to 30%.
Adopting our sophisticated technologies and solutions gives you the power to:
- Compete with disruptive FinTech and non-bank players that have grown from 8% to 32% in the past 6 years
- Increase the customer base by up to 20% through alternative credit scoring systems
- Delight customers by faster loan approvals in half the time
- Optimize loan processing time despite increasing application volume
- Reduce the loan processing time by nearly 20% and lower default rates by about 25%
Reimagine loan origination
- Omni-channel customer engagement
- Seamless third-party integration
- Smart decisioning workflows
Transform mortgage servicing
- Predictive analytics
- AI-based loan loss mitigation
- Self-servicing options
- 360-degree customer view