In the era of the digital mortgage, banks are facing increased competition from big tech companies looking to flex their muscles in the financial services realm, and they may need to invest more deeply in tech to stay on top.
According to a Fannie Mae’s Perspectives blog post authored by Steve Deggendorf, director of Market Insights Research, banks need to “step up their digital game” and figure out how to streamline financial tasks to enhance the customer experience before big tech beats them to it.
Citing data from Fannie Mae’s National Housing Survey from the third quarter of 2018, Deggendorf said more consumers have expressed a willingness to trust their favorite tech firm with their financial needs, including obtaining a mortgage.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.