Trend research sponsored by Iron Mountain highlights that customer experience and security dominate banking conversations about technology-driven innovations, moderated by potential regulatory requirements. While important, technology-based capabilities leveraging artificial intelligence and metaverse are eclipsed by a larger focus on blockchain.
I’ll never forget the look on my first mortgage clients’ faces as they signed for their new home – the joy and relief washing over them in equal measure. After weeks of exhausting back-and-forth requests and paperwork transferred in ways that seem naively unsecure by today’s standards, their prize was the key to the front door.
Since then, automation has filled the gap in improving customer experience and security. Workflow automation and data analytics are streamlining document management, cross-checking data, assessing for risk, ensuring regulatory compliance, and so on. For a borrower, there is more visibility into the process, less wait time, and better protection for their personal and financial information.