The lending landscape has changed dramatically over the last couple of years. Record numbers of mortgage applications seen by lenders are coming to a halt, and lenders are bracing for tougher economic conditions as interest rates and inflation rise.
While our current economy is challenging for consumers and lenders alike, smart firms are leveraging the opportunity to position themselves for the subsequent economic upturn.
If you’re wondering what’s ahead, and how to prepare, you’ll want to attend our upcoming webinar: The Next Era in Lending: Lenders Will Take the Path of Pragmatic Innovation.
In this 1-hour session, our guest, Forrester will present their predictions for lending in Australia and New Zealand in 2023, and show how lenders can utilize emerging technologies to gain a competitive edge.
Thought leaders from FICO and Experian Digital will also join the discussion to talk through how lenders are transforming and designing mortgage lending experiences to better engage today’s borrowers.
You’ll get lending examples and best practices, so you can put what you learn into practice.
How Emerging Technology is Innovating Lending
Just as 3D printing has challenged notions of how to build a house, firms that use emerging digital technologies can transform the lending experience by:
- Making applications simpler for customers via data aggregation services and Open Banking
- Speeding up the application process with machine learning and image recognition
- Expanding the addressable market by harnessing explainable AI
- Building an emotional connection by offering customers value-added services via APIs
Many lenders are only at the beginning of building or embedding themselves into the home ownership ecosystem. But with technology, data, and insights that allows lenders to recognize, anticipate, and respond to customers’ broader home ownership needs, lenders can move away from a purely transactional relationship to an experiential one.
Streamlining the Borrowing Experience While Managing Risk
When it comes to the application process itself, consumers appreciate and expect simple and streamlined experiences. Data-driven tools like our Credit Accelerator offering can help to quickly gather borrowers’ financial information without compromising the results. By enabling consumers to connect their accounts for a comprehensive view, Credit Accelerator has helped many lenders gain clearer insights for strategic lending decisions.
We hope you’ll join us to hear more about changing consumer preferences and market conditions that are affecting lending, all while getting tips to turn these challenges into opportunities.