A recent Fiserv survey found that over a 30-day period, millennials accessed their financial organisation via mobile app or browser 8.5 times on average versus 3.1 times for non-millennials. Millennials are a useful barometer of future trends, particularly because the demographic and its income are growing. In addition, mobile (apps or browsers) is rapidly approaching websites as the most frequently used channel for all ages when managing their finances.
When it comes to how consumers are accessing financial services, the shift towards self-service channels, such as online and mobile, shows no signs of slowing down and financial institutions are offering new technology to cater to those trends every day, but is the mortgage industry keeping pace?
Many lenders have been relatively slow to implement changes allowing for online or mobile applications or service, due to the complexity of mortgage lending. In the past, many have developed their own in-house IT systems to manage processes with significant investment, but now find it challenging to integrate new technology that caters to today’s digital consumer.
A cost-effective way for institutions to adapt to new technology and unlock its resources is by outsourcing some or all of its IT operations to an external provider via Software-as-a-Service (SaaS) platforms. With SaaS technology, lenders partner with a trusted provider who manages the IT processing and servicing, freeing the lender to focus on what it does best – providing mortgages and developing the best business strategies for growth.
Fiserv has developed Agiliti™ to provide a lower risk route for financial institutions, like building societies, to adapt to the digital age by matching channel capability to consumer needs, improve member experience and manage their IT cost.
In relation to managing resources, in a SaaS model the user shares its IT costs with all the other institutions who use it too. With Agiliti, the platform is delivered through a volume-based, pay-as-you-grow financial model. This means the user only pays for what they use with complete transparency.
As a result, adopting Agiliti out of the box incurs virtually no installation expense, allowing the advantages of a state-of-the-art banking platform to be brought immediately, including the all-important digital channels (online and mobile) to serve the customers of today and the homeowners of the future.