Infosys ABM: Accelerating Digital Transformation in the Heated Mortgage Industry

Digital transformation in the mortgage industryInfosys Global Survey in March 2021Contents

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Digital transformation accelerated massively in 2020

Q. During the last 12 months, did your digital transformation journey accelerate or decelerate?

A staggering 97% reported that digital transformation has accelerated in the last 12 months.

Half the respondents have tripled the pace tripled their pace of digital transformation.

A fifth have more than quadrupled their pace of digital transformation.

Pressure of this rapid transformation has risen

Q. Over the last 12 months, how do you feel the pressure on digital transformation has changed within your organization?

This pace of digital acceleration has seen the pressure ramp up with over a third of respondents (40%) stating that the pressure to transform has increased significantly in the last 12 months.

Would you say that your business is feeling pressured to transform?

Yes, absolutely
Somewhat
No, not really

Cultural change is the key driver of digital transformation

The top objectives for digital transformation include:

Business Culture

Boost Operational Efficiency

Adopt Business Models

Paper usage in the industry is still high

The digital transformation challenges are even more significant for those that are yet to embark on digital transformation. Surprisingly 10% of respondents still have a high usage of paper in their mortgage application process. Only 4% are fully digital.

Q. Moving to digital is the new normal and borrowers are also expecting the same. What percentage of the mortgage application process at your organization is digital?

Confidence is high despite the rising pressure on digital transformation

Q. How confident do you feel about the future of your industry to transform and meet customer needs?

87% felt confident that the industry can transform to meet customer needs.

Q. How well equipped do you feel your business is to meet the changing demands of your customers and the industry?

Over 86% felt that their organization was well equipped to meet the changing needs of customers.

There are massive challenges in progressing digital transformation

While digital transformation is accelerating at a faster pace, there are still major hurdles to overcome.

The top challenges include:

Budget Constraints

Partnerships

Security

Future strategic objectives

To support future strategic objectives the top three digital technologies include:

IoT