As technology evolves, solving core business challenges becomes increasingly complex. Lenders face pressure to transform all aspects of their business, heightening the need for holistic solutions. Without an objective, bird’s-eye view of a lending team’s needs, getting to the right tech stack decision can be a major hurdle. Enter: the lending technology partner.
Looking for a deeper look into technology partners?
Check out our digital guide, Reinventing Home Lending.
The digital arms race, while offering an inspiring future-state for all companies, is causing a massive headache for in-house technical teams trying to keep pace with innovation. They’re challenged to find ways to augment their services without disrupting day-to-day processes or ripping and replacing core technologies. They also need to avoid managing a ballooning number of vendors with hard-to-measure ROI and inevitable interoperability challenges.
Technology partners have emerged to help lenders with digital transformation — how should lenders think about separating the signal from the noise?
The seven most common characteristics of top-tier lending technology partners
We talked to our 170+ lender partners about what makes a technology partner great to work with. These are the most common responses we heard:
1. A full suite of services under one contract
Avoid having to manage multiple contracts.
2. Streamlined access to third-party integrations
Escape expensive and time-consuming integration work.
3. Aligned success goals for less front-end risk
Build toward mutually beneficial outcomes.
4. Right-sized solutions for large and small organizations
Compete effectively, no matter what size you are.
5. Solutions that match consumers’ technology expectations
Increase your total addressable market.
6. Plug-and-play capabilities with versatile platforms and broader solutions
Access software and services with easy, switch-on configurations.
7. The ability and intention to augment — not rip and replace — core services
Evolve your tech stack — don’t reinvent it.
Selecting the right partner is difficult, but the decision is too important to stop leaders from taking action if they want to get truly future-ready. What’s clear to industry watchers is that the time to get the greatest benefit from adopting a digital mortgage is now.