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Digital Mortgage Platform Market Next Big Thing | Major Giants HSBC, Fiserv, Docutech, Decisions
Digital Mortgage Platform Market
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Summary
Industry Background:
Digital mortgage platform helps combines a borrower experience with automated lender workflow which helps to cut loan costs, increases the transparency and reduces the time to close a loan. It connects the customers and lenders to reduce the time and risk. In addition, it optimizes the lending experience. This platform is adopted by banks as it offers benefits such as monitoring and increased profitability. It also offers more precise approach and delivers solutions and increases chances of loan approval. These factors are propelling the market growth.This growth is primarily driven by Growth in Digitalization Coupled with High Proliferation of Smartphones and Increasing Government Initiatives for Online Lending is Fueling the Market.
Globally, a noticeable market trend is evident Adoption of Cloud Based Digital Mortgage Technology . Major Players, such as HSBC (United Kingdom), Fiserv Inc (United States), Docutech LLC (United States), Decisions (United States), Integrated accounting solutions (United States), Qualia labs (United States), Calyx software (United States), Ellie Mae (United States), Softpro (United States) and Byte Software (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 29th July 2019, Fiserv has completed the acquisition of First data corporation. This acquisition will strengthen its position in payment and financial technology provider with the ability to deliver a unique value to financial institutions, corporates and merchant clients.
On 1st October 2019, Loan monkey has launched digital mortgage platform. It has announced that the potential and current homeowners will be able to purchase and refinance their home with Loan monkey’s online platform. and On 18th June 2019, HSBC has launched digital mortgage platform and partnered with Roostify. This solution is faster, easier and provides less stressful loan transaction experience
Market Drivers
Growth in Digitalization Coupled with High Proliferation of Smartphones
Increasing Government Initiatives for Online Lending is Fueling the Market
Market Trend
Adoption of Cloud Based Digital Mortgage Technology
Increasing Awareness among the Users
Restraints
Risk of Data Breach May Hamper the Market
Opportunities
Increasing Need for a Better Customer Experience is Boosting the Market and Growing Requirement of Reduced Loan Management time for Borrowers
Challenges
Lack of Digital Literacy in Developing and Under Developed Economies
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