A strong grasp of technology allows for a more streamlined process, executive says
Brokerages that maximize the use of the technological tools available to them enjoy a significant advantage over the competition.
That’s according to Brennan Trenouth, director of sales at Home Trust Company, who made the comments while speaking on a recent CMPTV Power Panel focusing on the importance of technology in the mortgage space.
Read the important uses of technology in mortgage industry here.
“We’re seeing a lot more companies investing in AI capability as well, giving them the ability to look at data that they’ve collected to predict future outcomes or the likelihood of an outcome using that data to help develop products and programs for the end consumer,” Trenouth said.
The greatest gift of these tools is allowing a brokerage to be “a little bit more flexible with [their] risk appetite… When you have that data available and you know what you can do and what you can’t do, it allows for easier risk assessments in a very time sensitive environment.”
Read more: How can brokers make the most of a changing market?
In Home Trust’s case, in particular, the investment in new technology serves a vital function of integrating what the company already has in place.
“I think that’s really important because then it starts to give you a full 360 view of customers, products, processes, everything like that,” Trenouth said. “You can see different behaviours, and from there you can also determine what kind of solutions and cross-selling can we offer to these clients.”
“So that’s what we've been working on for the last few years. We just did a massive overhaul of our existing platform that allows us to be more flexible in the future with anything that we want to do in the system. Before, there may have been some constraints. Now there are not. So we’re really pushing ourselves into that next digital era.”
For more insights on the unique benefits of leveraging technology, click here.
