Record-low interest rates and government incentives during the pandemic era led to a housing boom globally. Fast-forward two years: interest rates are on the rise and housing demand is set to stabilize. Even during such volatility in the housing sector, the competition has been at its peak. In addition, Open Banking has led to the emergence of fintechs and neo banks, further intensifying the competitive landscape.
While the housing market can represent a massive opportunity, most lending providers have been constrained by:
- Legacy technologies and rigid systems slowing down processing times
- Regulatory and compliance changes mandated by local regulatory bodies taking priority over product innovation
- A host of manual and paper-based processes leading to quality issues
- Inability to offer seamless customer support, especially during high volumes
- High labor and operational costs due to archaic business models
- Lack of adequate governance and cybersecurity protocols for the protection of customer data
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