In the first quarter of 2017, the cost to originate a mortgage hit a new peak at $8,887 per loan, up from $7,562 in fourth quarter 2016 and just $5,985 in 2008. These rising numbers are no doubt disturbing to financial institutions, but even more disturbing are the hidden costs of a slow and expensive manual mortgage process.
Seventy-three percent of financial institutions state that digital innovation is an imperative and that paper-based processes, disconnected channels, and legacy systems will not suffice in the Age of the Customer.
Digital transformation. You hear the term so often, but you still don’t know exactly what it means, or how to make it happen. You might assume your competitors have it all figured out. But think again. According to Forrester, 73 percent of organizations don’t have a working digital strategy. So that’s the good news – you aren’t too late to take full advantage of the enhanced customer experience, streamlined operations and new business models afforded by successful digital transformation.
Aberdeen Group reports that cost reduction is by far the number one reason that organizational leaders choose to improve processes in their Order-to-Cash cycle.