For those of us who recall the internet pre-Google, remember when there were so many search engines that the general experience of “browsing the web” felt fragmented and confusing? Although you can’t really compare mortgage lenders and fintech companies to web portals, you can clearly see similarities in terms of how quickly things are changing. It also reminds us that “best of breed” always rise to the top.
Key Takeaways from the 2nd Annual Digital Mortgage Conference:
- There are so many companies building tech to “disrupt” the market, but after the conference this year, it is clear that there are a few emerging “category leaders” who will soon dominate the technology ecosystem which covers all the various parts of running a modern mortgage company. Innovation over the past few years combined with the continually accelerating rate of new innovation will change the customer experience throughout the entire lifecycle of a customer, from lead to a “customer for life.”
- Google taking out AltaVista, Lycos and many others, showed us how one company with superior technology—resulting in a superior customer experience—can change the way we experience the internet. We will see similar dramatic shifts in fintech serving mortgage and financial services, with best of breed products making incumbents quickly irrelevant.
- Seamless integrations and the use of APIs will be mission critical for those wanting to be market leaders. This will hold true on both the lender and the vendor side. The big bets made by early adopters are starting to pay off as bugs are getting worked out through rapid iteration and constant tweaking. On the vendor side, there is simply too much complexity and too many moving parts for a single provider to build an “all-in-one” platform capable of handling the entire customer lifecycle.
This blog was originally posted by Joe Welu, Total Expert Founder and CEO, on his LinkedIn. Follow Joe on LinkedIn for the latest trends in mortgage and financial services technology.