Is there enough mortgage tech to satisfy consumers?

Is there enough mortgage tech to satisfy consumers?

Is there enough mortgage tech to satisfy consumers?

Jill Moellering, Mortgage planner
Mortgage Architects

"Fintech will revolutionize the lending space, streamline processes and eliminate double handling of documents in the application for both consumers and brokers/lenders; however, the consumer trend in other areas shows a preference for the personal touch. Grassroots shops, artisan cheeses, craft beers and everyone’s distaste for self-checkouts are notable examples.

We are seeing a resurgence in the desire to connect with others, and personal financial advice is no different. Success will come from using tech to drive efficiency while supporting a real live broker. Consumers want efficiency but crave reassurance, and that’s something no app can provide.”

Leslie Penney, Owner/broker
East Coast Mortgage Brokers

"Technology is quickly adjusting to the shift from boomers to millennials, and it’s part of everyday life now.

As brokers, we have to adapt to the ways in which people want to connect and process transactions; the necessity of this change is apparent in the amount of resources our networks invest in developing fintech to make us more competitive. Traditional banks wouldn’t be pumping all this capital into fintech if they didn’t think it was the future.

However, I feel that it’s a face-to-face transaction for most, and we are still far from artificial intelligence replacing human interaction and professional advice.”

Krista Zingel, Business development manager
HomeEquity Bank

"Overall, Canada has been slower to adopt fintechs, particularly in the lending space. Technology can help create new relationships and provide insights into clients’ needs, but this needs to be paired with the social and contextual nuances of the lending space. Our clients are expecting a holistic financing experience that combines convenience with personalized advice and human connection.

Canadians are increasingly tech-savvy and will continue to be empowered in the digital space. A fully digitalized mortgage is coming; however, I strongly believe that there is a need to ensure the online transaction is complemented with the human-to-human experience.”