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COVID-19 and the US Mortgage Industry: Social Distancing Paves the Way for Digital Proximity

Adopting digital technologies in key mortgage areas to enable ‘no-touch’ service

The COVID-19 impact on mortgage has resulted in macroscopic and microscopic issues for the mortgage industry. The situation is further complicated by the inherent complexities of the mortgage industry. Risk averse lenders are tightening eligibility standards for borrowers while also grappling with monolithic architectures as they scramble to adopt digital solutions to enable remote, ‘no-touch’ servicing of customers. In short, the COVID crisis is an alert to the industry to overcome the challenges in the mortgage market and prepare for the future by adopting purpose-driven digital ecosystem based business models and reducing dependence on manual effort. To achieve this, mortgage lenders must:

  • Leverage the latest technologies to eliminate cumbersome manual processes

  • Adopt artificial intelligence and machine learning backed solutions to raise efficiency

  • Deploy analytics frameworks to design customized offerings and deliver exceptional customer experience

  • Move away from product-centric business models to customer-centric, purpose-driven, and ecosystem based models

Karthik Kumar

Global Head, Mortgage Practice, Banking, Financial Services and Insurance, TCS

Ramani Balakrishnan

Senior Business Consultant, Mortgage Practice, Banking, Financial Services and Insurance, TCS


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