We recently asked our Third Party Originations Manager, Dave Stephan, to clue us in on what’s currently trending in the banking world.
Dave provided us with great insight and even offered to write us a guest blog post for our website. Read on to learn more about technology and banking.
“In the interest of full disclosure, let me first say that I am not a banking expert nor do I play one on TV (or even the internet for that matter).
Trends that I’ve seen for banking in 2017 and beyond almost exclusively deal with technology or have a substantial underlying tech component to their existence. Blockchain, open API’s for various platforms, mobile solutions, to name a few, are inherently technology-based and others such as continued compliance and regulatory concerns are generally being dealt with through tech-based solutions.
To me, the word “trend” has always implied something exciting or interesting – a new fashion trend! A new restaurant trend! A new music trend! – Trends now come at us with such frequency and velocity (thanks, internet) that most of us have trouble staying on top of what’s coming. I suppose that is part of what a trend is – having a substantial part of the population in its wake, trying to keep up.
I suspect that the trends in banking I mentioned earlier will certainly elicit interest from community institutions but probably not excitement. At least, not in a good way.
A community bank or credit union’s reason for being, offering high-touch personal service that recognizes a customer’s unique needs, is fundamentally at odds with where technology seems to be going. That is, as a replacement for a personal interaction rather than a facilitator of that interaction. Mobile deposit, online account opening, Apple pay, Rocket Mortgage – the list goes on. ATM’s, once considered a threat to the traditional teller transaction, are now themselves becoming obsolete to our mobile devices and will likely go the way of the phone booth.
We’ve been trying to hammer the square peg of the mortgage transaction into the round hole of technology for years with varying degrees of success. Each successive advancement predicted the demise of some segment of the process. LP/DU – death of the underwriter. AVM’s – death of the appraiser. Online mortgage application – death of the loan officer.
I’m happy to report that these deaths have been greatly exaggerated (thank you, Mark Twain).
The mortgage process can be an incredibly complicated, messy, and emotional endeavor as anyone in this business can attest to. Borrowers, loan officers, appraisers, underwriters, processors, closers, Realtors, title companies and more each play their own critical role that technology can never become a complete substitute for.”
Special thanks to Dave for the inside knowledge!
With Inlanta’s Third Party Mortgage Origination program, we can help you focus on your customer or member by providing the technology to facilitate and enhance your mortgage origination efforts. Every potential borrower is a cross-sale opportunity too valuable to lose. We provide the ability to easily enter the government or jumbo lending market or supplement your conventional business to maximize those opportunities.