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Banking / WHITE PAPER
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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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
Fast-tracking mortgage originations through a ecosystem model
Climate data collection framework for effective risk management
GenAI is the future of banking
A strategy for GenAI adoption in BFSI firms