Trends That Will Redefine the Mortgage Industry In 2022

19 Feb, 2022 17:06 IST|Sakshi Post

The BFSI (banking, financial services, and insurance) industry was heavily dependent on technology even before the pandemic, but with multiple lockdowns appending services, digital transformation has become even more critical than ever before. According to Alok Bansal, Visionet Systems India’s MD and Global Head of BFSI Business, automation can ensure that clients are served faster with quicker solutions and can benefit from expedited services and more efficient loan processing. Here are some of the trends he sees unfolding in the BFSI industry in 2022.

Future-ready technologies

 Secure data, streamlined supply chains, and personalised client support are only some of the goals that future-ready technologies will help companies achieve. With the use of the latest technologies, relevant information will be sifted faster and data will be processed with lightning speed. Artificial Intelligence (AI) will expedite document scanning while laborious application and approval processes will be streamlined. Manual work will be digitised, error margins will shrink, and fraud risks will be minimised. Cyber security will be in sharp focus as sensitive information is one of the foundational aspects of the BFSI industry. Biometrics, predictive software, and anti-hacking tools will become intrinsic to operational processes. The Internet of Things (IoT) will be employed more and more to access new data-driven perspectives.

 The digital experience will define customer service.

 In place of support staff in physical spaces, seamless digital experiences will decide the satisfaction quotient of clients. Intuitive apps that offer fast turnaround times and give information, guidance, and clarifications without glitches will make communication easier than ever before. Very soon, clients could go through the many phases of loan approval in a completely digitised space. Customers no longer want to waste time waiting for a satisfactory response, and their need for optimum convenience will drive companies to innovate faster and come up with technologies that would have otherwise taken years to evolve. Quantum technology and cloud computing will become part of the digital vocabulary of all future forward-looking companies. Cloud computing will continue to streamline service delivery and minimise data storage expenses.

Tech talents will need to be versatile.

 In the post-pandemic scenario, tech talents can no longer expect to do just one task repeatedly for years but must adapt to challenges as they arrive and prevent problems before they occur. Displaying flexible and versatile digital skills, including curtailing fraud risk and firefighting on call while serving a global clientele, is what BFSI companies will be looking for. Hiring will become diverse and borderless, and many employees will also need to update their skills to keep up with an increasingly digitised environment. In a competitive environment, finding and retaining talent will be a major preoccupation for companies. Digital mobility, a desire for flexibility and more freedom will make tech talents move away from environments that are not satisfying, and it will be a challenge to offer them exactly what they need to stay committed to one company.

 Innovation cycles cannot be static.

  Operating models in the BFSI industry will need to evolve constantly to keep up with changing client expectations, new trends, the need to augment growth and scale-up services. This means every company will need to work ceaselessly to anticipate the next big digital wave and be ready to ride it and, if possible, drive it. Be it strategy, operations, or delivery, every area will need to be redefined for more convenience and efficiency. To put it in a nutshell, innovation can no longer be a long-term project but an everyday event.

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