Technology, of course, is an ever-advancing science. Ten years ago, who would have thought about using a smartphone to make a loan payment? Or how about applying online for a mortgage?
Soon, mobile app payments will be almost as common as putting in your earbuds and listening to your iPod while you check your phone for text messages and add an event to your electronic calendar. (Who deals with paper anymore? Even mortgage loans often go electronic from start to finish.)
Mortgage isn't the only place where big changes have come with the fintech revolution. Look at how Airbnb has affected hotels, or how Uber and Lyft have impacted traditional taxi companies. These examples should cause us to sit up and listen.
The fact is that technology can make things better, easier and more efficient in dozens of ways and for the benefit of both businesses and customers. It affects the way we communicate, how we find products and services, and how we make purchases.
Does anyone doubt how Amazon has changed consumer habits?
When we talk about mortgages and credit unions, technology is always part of the conversation. We have seen credit unions move to incorporate internet applications and marketing communications, and most recently mobile applications, as additional channels for mortgage operations.
Behind the scenes, credit union mortgage operations are using all manners of fintech advances to measure, promote and target potential mortgage seekers.
Certainly, the credit union mortgage operations that embrace the fintech revolution will benefit the most, especially among the younger buyers who now comprise the largest portion of homebuyers – millennials.
But there's another landscape ahead, one that we can't yet envision. I like to look into the future with anticipation and vigilance. Just as we couldn't foresee the changes technology such as Uber and Airbnb would have on the transportation and hospitality industries, we can't know how as yet undiscovered fintech advances will impact home mortgages. But we can see how Quicken has seized an opportunity that may come at the expense of established mortgage lenders.
We must anticipate that technology will continue to evolve and be applied to uses that will impact the mortgage services we offer. We must be vigilant to seek them out and understand them.
Those that can't, or won't, embrace the future will surely be left behind.
Bob Dorsa is president of the American Credit Union Mortgage Association. He can be reached at 877-442-2862 or [email protected].
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