The year 2020 gave us a shocking yet obvious realization of how digitalization is the ultimate need of the hour. Take any industry and you can find at least a pinch of digital flavour in it which actually defines the competition. Needless to say, that the lending industry is also one such area where, digital world is attracting immense attention. Talking about the lending industry, one of the basic customer requirements, which has been greatly affected by the pandemic are the mortgages. Here we are, trying to decode the situation and provide the right solution.

Reality of mortgages

The lending markets were in a state of dismay pertaining to the entry of the deadly Coronavirus and so were the borrowers of mortgages. Most banks worldwide had to stop their current projects and change their requirements and offerings to answer the impending situation like concentrating on digital accessibility, relief fund for the employees, and some ended up with branch closures. At this point, government assisted lenders as well as borrowers by passing certain acts and providing relief like CARES act in the US. Currently, such acts focus on providing forbearance in case of late payments without any penalty, revising creditworthiness, etc. This way, government is currently concentrating on maintaining a smooth liquidity in the lending industry.

Reality of Mortgage lenders

Current situation has forced mortgage lenders to handle tons of customer analysis regarding the mortgage deferral programs although they themselves are under limited service offerings. However, the most important challenge the mortgage lenders are facing right now is the digital shift. From onboarding customers to providing the loan, lending industry is finding it difficult to cope up with the situation and is forced to opt for an end-to-end digital mortgage process.

Digitalization of mortgage lenders

As mortgage lenders are asserting the idea of digitalization, what matters now is the path to choose digitalization. Some banks offer part of their services digitally while some choose to go 100% digital. In both choices, the core banking system that they opt for becomes the deciding factor of their place in the digital world. This means the more innovative a bank’s approach is the greater are the chances to rock the digital world. One of the innovative approach is Hyper lend or Hyper-automation.

Most banks irrespective of their lending offerings face some of the below common issues:

  • Manual data processing which almost takes up to a month
  • Lack of digital expertise for any automation strategy
  • Ensuring proper credit score requirements and processing the information
  • Limited resources for handling the end-to-end loan processing activities

Now, banks are in need of a solution which can single-handedly tackle all the above mentioned problems. And Hyper lending is that tech expert, which can solve these common issues and eventually help to upgrade the whole lending system so as to ease the process and increase overall profits.

How can Hyper lend benefit mortgages?

As mentioned before, the pandemic has forced banks to cater to all the customer inquiries with limited resources. Now, banks need a system that can help them save time by fastening the process. However, just transforming your overall legacy systems doesn’t answer the existing queries. In order to transform efficiently, banks have to fully utilize the strength of automation.

Take the example of AI and RPA, Hyper lending’s two strong capabilities- it ensures effective automation of document processing saving nearly 80% of banks and customer’s time. Consider cognitive automation, it utilizes machine learning and Natural Language Processing to source information speech recognition, image processing, etc. Imagine the cumulative power of all these automating factors. That’s precisely Hyper automation or Hyper lending. Apart from all the above functionalities, Hyper lending provides useful insights on customer requirements based on the facts and behavioural analysis of the customers, which can help you with customer retention.

Another major annoyance factor of banks is processing of huge paperwork. By manually taking care of tons of paperwork, it is evident that there is a waste of time and energy, above which there are high chances of errors which doubles the work. Hyper lend, admiringly, ensures all these processes online, thereby, drastically reducing the paperwork, hence time, energy, and errors.

A takeaway

The advantages of Hyper lend are many and they are in sync with bank’s current need. What we intend to do here is to set up a digitally resilient model with Hyper lend that ensures your bank’s end-to-end operations keeping long term goals in mind and helping you to achieve them.

Know more about our Hyper lending offerings here: Save 80% loan processing time with Hyper-automation

Aishwarya Iyyengar

Aishwarya was once a Quality Assurance Engineer then moved to Oracle SQL Development. But her love for writing shifted her to the world of Content Marketing and she hasn’t looked back since then. Her interest ranges from food topics to trending technologies. She loves reading books and her favourite genre is Mythological Fiction. Apart from that, she is a South Indian filter coffee lover.