In the last few years innovation has exploded in the financial industry. Banking technology has never transformed and moved so fast. There is now a large range of financial products to cater for a variety of customer requirements, which are available from numerous channels. This has meant technology plays a vital role in making this possible.
Banks, Building Societies and lenders are experts in their own right, serving their customers to the best of their ability, but can’t also be expected to be so with technology. Sometimes a collaboration with an external provider is essential to help them along their way. As our environment is continuously developing and moving forward, innovation should very much be on the agenda. If we stand still on technology you will soon fall behind. This is all about continuous technology improvements.
It’s important to find a partner with the same vision and goals, with the right knowledge and experience. For the mortgage industry, providers need a well-oiled system in place to complement their products, helping reach their target market in an attractive and appealing way. The customer experience and journey is expected to be easy, streamlined, frictionless and quick, which is compelling and engaging for the customers and users of the system.
Technology providers have been around for a while. They have spent years moulding and adapting to clients’ requirements, reacting to regulations and adjusting to the changing times of the financial industry. Lessons have been learnt, relationships established, which aids them to bring something valuable to the table to banks. Both companies should feed off each other, bringing new ideas and helping them grow together. Collaborations should be celebrated. They should be proud of their collaborations with technology providers because they make their visions a reality.