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Shaping 2021: Digital as the key driver of the Canadian Mortgage Industry

As mortgage goes digital, it’s about serving customers and
reducing costs.

As we head toward the start of a new year
and we continue to deal with the impacts
of the COVID-19 pandemic, reducing costs
and increasing efficiency continue to be top
priorities for lenders and brokers. To meet
both objectives, the pace of digital adoption
needs to accelerate across the industry.

The digital writing is on the wall and, overall,
Canadian banks have received the message
and responded. Since the 2008 financial
crisis, more than $100 billion has been
invested in technology to facilitate
online customer engagement.

The recent COVID-19 pandemic, however,
has underscored the necessity of digital
capabilities for both lenders and brokers,
as fears of contagion or government
mandates require businesses to engage
with customers remotely.

Suddenly, digital technology features, such
as e-signatures, cloud-based document
sharing and remote closings become
more than nice-to- haves. They are now
essential to attracting and retaining
customer relationships.

Movement in the U.S. market helps to
solidify the position on digital adoption.
According to insights revealed at the 2020
Digital Mortgage Conference that took
place virtually for the first time this year,
lenders that had digital capabilities in place
grew 30 to 40 percent quarter- on- quarter.1
Lenders who have yet to evolve in
the digital world realized one percent growth
each quarter




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