Since the inception of Cryptocurrency—Bitcoin, in 2009, the crypto market has experienced tremendous growth and innovation, thanks to the proliferation in investment.
For the longest time, the finance industry has been a conventionally analog domain, but not anymore—thanks to the ever-dynamic technology. From Traditional Finance (TradFi) decades ago through Centralized Finance (CeFi) to the current trend—Decentralized Finance (DeFi), the trajectory is potentially going to remain exponential.
The FinTech industry is experiencing significant growth in the use of Artificial Intelligence (AI). While AI and Machine Learning (ML) are already quite popular in banking, credit card and auto loan niches, the mortgage industry has just started reaping its benefits. In the next couple of years, particularly after the Covid-19 pandemic, we will experience an overwhelming presence of AI-based automation in likely every aspect of mortgage processing. In fact, it will become a common practice very soon.
Regardless of how big or small your mortgage business is, it is essential to adopt modern technologies to stay afloat in this competitive market. The FinTech industry is evolving to be more customer-driven, and that is why you, as a lender, must provide a swift and friendly experience to your clientele.
