An Easy Way to Validate Customers for Mortgage Brokers With an App like Blend Fintech

September 15, 2021 | Sakshi Sharma

Mortgages have long been a profitable industry for banks and lenders, but acquiring a mortgage is one of the most difficult rites of passage for customers. Consumers are largely unaware of the mortgage process and are confronted with a plethora of jargon relating to an unfamiliar and lengthy process, which leaves them feeling confused and scared. For many people, this makes the process of purchasing a home a nightmare.

The necessity of digitization

It’s evident that digital channels are the future for banking and mortgage origination. Customers have come to expect this structured and automated process as a minimum, learning from their previous experiences, and it is pretty convenient for them.

According to studies, online loan originations in the United States have increased by 30% per year. More than 92 percent of customers conduct their mortgage research on the internet. Fintech lenders have also benefited from digitization by processing mortgage applications considerably more quickly.

Fintech transforms the customer experience

Fintechs use a new business strategy that puts the customer first in the mortgage lending process. Fintech companies are changing the way people shop for mortgages, communicate with lenders, and apply for loans. The foundation of the fintech movement in mortgages is focused on streamlining processes and cutting costs, which are qualities that banks traditionally lacked.

Blend fintech

Blend, which claims to re-architect banking software around the consumer, began operations in 2012 and has developed to become a major player in the mortgage technology market. Its technology powers mortgage applications and streamlines/simplify the process. In conjunction with various financial institutions, this digital lending platform handles about $3 billion in mortgages and consumer loans per day.

Blend’s customer base represents more than a quarter of the mortgage market in the United States. An app like Blend Fintech can easily validate customers for mortgage brokers.

Benefits of building a fintech app like Blend

According to reports, the global fintech market will be worth $305.7 billion by 2023 and the U.S. accounts for nearly 57% of this market. This data shows that there is a huge space for new startups. The field is wide open with even Blend having a share of only around 25 percent. Fintech is developing at a brisk pace and will keep on doing so. If you intend to build a fintech app this is the right time to do so.

1. Widely in use

Consumers are adopting fintech at a fast pace. It is reported that more than 95% of global buyers have at least one fintech app installed on their smartphones. Traditional players like bankers and insurers are also embracing fintech at a large scale. In the future, every major industry is going to incorporate fintech solutions into its corporate infrastructure.

At SDI we can help develop a fintech app that will succeed in every way in the global market.

2. Lower costs

Fintech comes with a reduction in cost for businesses and consumers. There are no costs associated with traditional firms such as salaries, rent, advertising, etc. and these costs can be saved by firms leading to investing in their clients. Also, automation of the processes has proven useful in things like lending risk more accurately and reducing the need for physical presence.

3. Positive difference in society

More than two billion people have no access to banking facilities globally. Surprisingly in the U.S., many households in certain areas like Detroit and Miami are unbanked. Fintech technology can offer banking and other financial services and make a positive difference in society.

4. Convenience

Fintech has enhanced the efficiency and convenience of transactions providing the customers a better experience and increased transparency. People can access financial information easily thereby helping them receive financial products when needed.

5. Faster rate of approval

Thanks to fintech, online and digital lenders can deal with the application and approval process within a day. Nowadays consumers demand services instantly and with these apps, they can get all the services they need in a matter of minutes.

6. Competitive edge

A feature-packed fintech app can give your business an edge over competitors. You can grow your business by attracting and retaining more people through a highly functional app.

Our team at SDI can provide cost-effective and amazing app solutions for startups. We understand that customer service is not an add-on within your app. It is crucial to your app’s success. We build advanced and feature-rich digital payment solutions in line with your customer’s requirements with the right technologies. A fintech app that will give you an edge over your competitors.

Call us at 408.621.8481 or email us at team@sdi.la to develop a killer fintech app.

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