New tool enables users to benchmark the behavior of mortgage borrowers
Finastra has announced the release of Fusion Mortgagebot Data Insights, a new tool that provides users with insights into mortgage borrowers’ behavior and demographics.
The tool allows users with analytics and dashboards to discover trends and spot business opportunities. Additionally, Fusion Mortgagebot assists users in building mortgage lending and mortgage marketing strategies.
“The abundance of big data may seem overwhelming, but in today’s competitive market it is important to understand how analytics offers banks and credit unions a necessary edge for their products, markets and channels,” said Esther Henry, vice president of mortgage lending at Bank Independent. “With a quick toggle, we can compare universal data from Fusion Mortagebot POS users, revealing new opportunities and providing the knowledge needed to quickly shift loan strategies to maximize profits.”
Banks and financial institutions can also use the tool to evaluate underwriting practice, application delivery channels, and marketing effectiveness.
“With an average of 1,500 pieces of information gathered for a mortgage application and 1.15 applications submitted every second, the amount of data available to financial institutions is staggering and has the ability to provide meaningful insights that can have a tangible business impact,” said Vincent Pugliese, senior vice president and general manager of US retail and lending at Finastra. “By reviewing and comparing the 1.5 terabytes of data stored in Fusion Mortgagebot, banks and credit unions can see, for example, how expanding their geographic lending parameters by a few miles or how shifting their minimum credit score threshold can impact the bottom line.”
