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Our consumer lending team can help navigate the complexities of unique lending propositions. Find out how.
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In the modern era, borrowers expect a digital mortgage process that is transparent and user-friendly, with streamlined, secure data uploads and quick turn times. In addition, borrowers are demanding real-time notifications on their progress through the borrowing process. In a recent survey, 63% of consumers indicated their preference for using an online mortgage process over an in-person process, with 58% indicating that the availability of an online application impacts their lender selection.¹
FinTechs and nonbanks have been able to capitalize on customer expectations for digitized lending experiences with seamless digital journeys and faster processing times supported by state-of-the-art technologies. Conversely, although some traditional banks have digital processes, many have yet to make the transition from offering paper-intensive, brick-and-mortar-based and relationship-driven transactional customer experiences to digitized lending experiences. As a result, FinTechs and nonbanks are grabbing market share from traditional consumer banks.