In a week’s time, lending industry professionals from across the country will gather in Chicago to learn more about the challenges and opportunities presented by the increased adoption of technology within the sector. The MBA National Technology in Mortgage Banking Conference & Expo, more commonly referred to as MBATech, is set to feature a number of seminars focusing on emerging technologies, cybersecurity, data and analytics, and regulation and compliance, as well as expert Q&As and live demos which will allow attendees to get up to speed on current industry trends. With so much going on over the three day event, we’ve highlighted three trends that look to be big talking points during the expo.
Impact of FinTech on the lending industry
FinTech has been a buzzword for a few years now, and encompasses many niche areas of lending. The expo is devoting a large number of seminars to the topic, with track sessions exploring the use of Blockchain in lending, as well as the closing supersession ‘Making FinTech Your Tech’.
Emerging technologies and increasing demand for mortgages to be completed electronically has resulted in more and more businesses in the lending industry becoming fully digitized, with the lines between traditional lender and FinTech becoming blurred. But which will stand the test of time - the incumbents; established and trusted providers, or the agile and digital-focussed new entrants?
We think that the core message from the expo will be on collaboration and optimization between established lenders and FinTechs, rather than competition and disruption.
Delivering solutions in a mobile-first world
According to a recent survey by Ellie Mae, homebuyers most value speed, security, and simplicity when applying for a home loan. This echoes the sentiments of consumers across many other industries that have long been shaken up by disruptive technologies. Mobile technologies have further increased expectations for consumers who are used to accessing information and performing tasks on the go. Why should applying for a mortgage be any different to booking a vacation or filing your taxes online?
The always-connected lifestyles that we now live has resulted in homebuyers expecting a good user experience from start to finish, with as little friction as possible. With documents now easily stored, signed, and shared from a smartphone device, we expect e-mortgages with a focus on mobilization to be a big trend this year.
As well as an entire session dedicated to the use of robots in financial services, the role of automation in compliance is set to be a talking point.
With many lenders not yet managing to completely automate all steps and processes the CFPB required to be shown for TRID, it will be crucial that they understand how new technologies can improve workflow and reduce the risk of compliance errors by eliminating manual processes. From document management to compliance checks, automation will likely be a recurring theme throughout the expo.
XDOC will be attending the National Technology in Mortgage Banking Conference & Expo 2017 from the 26 - 29 March. We’ll be over at booth number 304 ready to answer any questions about how lenders can simplify their workflows. We look forward to meeting you there!