It’s been a year since COVID-19 hit and forced lenders and the market to pivot to adopt digital technology in the mortgage process. But what have the changes achieved? And are they here to stay? Malavika Santhebennur investigates.
Digitising the mortgage process has been a long time coming. While some lenders and neobanks have been harnessing technology to create a speedier process, others were slower to the uptake due to risk appetite impediments. As we reviewed in last year’s tech edition of The Adviser (July 2020), COVID-19 forced the hand of many to shift to a digital process to ensure that the Australian dream of home ownership remained a possibility.
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