Exec says technology has significantly elevated consumers' expectations for the mortgage space
For Hyder Mirza, CEO and salesforce architect at CloudJunction Advisors, the near-omnipresence of tech-powered platforms in modern living means that the mortgage space needs to up its game in terms of convenience and reliability.
“I think the post-COVID world has really changed customer expectations,” Mirza told Canadian Mortgage Professional. “Customers like me and you, we have been spoiled, and our standards have been elevated by interacting with the Ubers of the world... I think that has become an expectation in the mortgage world.”
Expectations for transparency have significantly grown along with the forward march of technology.
“We have more visibility, we have more insights into the process, into every transaction,” Mirza said. “Everything is more personalized.
“If you think about it, ordering a pizza, I can see when it will arrive, but applying for the biggest loan in my life… I have no visibility into what’s happening with my application,” he elaborated. “The need for more timely updates, the need for more visibility, I think that’s starting to build up in the mortgage space. And I think mortgage professionals will have to cater to that.”
“Technology is very fluid. It’s also got to be accessible and usable. Coming out with this great new technology solution that nobody wants to use is kind of pointless.”https://t.co/CCKHB1Jd1K#mortgagenews #specializedlending #mortgagetechnology
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 10, 2023
This especially applies when it comes to crafting solutions tailored for each consumer’s specific needs – a need that will only become more pronounced as the somewhat volatile 2024 market goes on.
“We have become accustomed to companies using our data wisely,” Mirza said. “Like Amazon using our shopping preferences, using our past history, to suggest more intelligently the next product, the next service, the next step.
In such an environment, mortgage professionals will be ideally placed to provide assistance that no mere algorithm can’t match.
“When it comes to mortgages, it’s a very strategic decision for a lot of customers,” he said. “They are expecting their broker to be more of an advisor: leveraging the data that they have, leveraging information that they already know about [consumers], to recommend products and services at the right time.”
Watch now: How has mortgage technology grown in recent years?
