The mortgage industry is undergoing a significant shift in process optimization due to many factors including Covid-19 as well as consumers' demand to bring more efficiency. Since the North American region is severely affected by the pandemic, the workload on mortgage providers has grown to become unreasonably higher than before. Therefore, lenders opt for Robotic Process Automation to replace human-dependent processes in order to speed up the E2E functionality for current and queued clients.
The FinTech industry is growing incredibly, and even the largest financial institutions have started employing automation in relevant cases. However, before the Covid-19 crisis, mortgage providers were ‘apparently’ not so inclined to pursue digitization.
The COVID-19 pandemic has put a significant load on the mortgage industry as lenders are facing immense pressure while handling existing clients and entertaining incoming requests. The governments have rolled out different relief plans for borrowers, making the situation even more difficult for the lenders to keep their businesses alive and effective.