Cross-selling for mortgage brokers happens when financial institutions, lenders, or individual brokers use information gathered during loan processing to pitch additional financial products. Cross-selling can be looked at as a form of customer retention. It's a hot topic in the industry because many mortgage brokers have questions about the pros, cons, and ethics of cross-selling financial products and banking products to get new customers that might actually be old customers.
Gone are the days when lenders rely on emails and accessing consumer information through unsecured systems. The Financial Services Regulatory Authority of Ontario (FSRA) is proposing guidelines to support the lending industry and cybersecurity preparedness. This is big news for the Canadian mortgage industry.
Concerns about climate-related risks have been growing within the financial sector for many years, particularly in the insurance sector. However, at COP26 in Glasgow, the broader financial sector was a key part of the discussions that have reinforced the recommendations of the Task Force on Climate-related Financial Disclosures and the importance of monitoring and reporting associated risks. Integral to these processes is OFSI’s first Annual Risk Outlook where climate change-related risks are prominent.
One of the hottest debates now in financial markets is whether to continue trusting humans or embrace new technology.
The hype we have previously experienced about blockchain and cryptocurrency is dramatically becoming a reality, thanks to this actionable invention of the twenty-first century—smart contracts.