The world is fully in a technology era that shows no sign of letting up, even if any of you wanted it to. All you have to do is look around you when sitting in a café or coffee shop. Everyone has a mobile device in their hands or sitting next to them on the table. You can even see the occasional table with a laptop or two set up while they enjoy their morning coffee and Danish.
But that is not all that technology is good for. It helps every industry in the world move forward into the future in a positive way, including the mortgage industry. It may seem a little strange to say that innovative technology will breathe life into the mortgage industry, but all you have to do is take a step back and look at the direction the world is heading and then analyze the tech that has already been introduced to the market.
Let’s take a closer look at some of this technology and see what it has done for the mortgage industry as a whole, so you can better understand how it will affect the industry for years to come.
The Cloud And Fintech
Taking advantage of storing files in the Cloud has several advantages for Fintech companies, bringing a smile to many executives involved in the global mortgage industries.
- Storage Space: Companies no longer have to worry about keeping files on site. That means that the vast computer systems they had to have, sometimes so big that they had them stored in buildings at a separate locations, are no longer needed. The company saves space in its place of operations and will no longer need to pay for another site just to store the computer systems storing files.
- Security: One main issue with online platforms in the past has been security, which is much more secure when a company uses the Cloud compared to storing personal information on computers stored in separate locations. The Cloud keeps everything in one area but in a secure place that allows access to those with administrative passwords. Otherwise, they are blocked from seeing anything contained within the files.
So now, when you go to a platform to conduct any type of fintech business, such as at the iSelect Australia/Compare & Save on Car, Travel, Home, Life, Home Loans, & More site, you are safe in knowing that your information will be secured in a safe place, especially when the information in the Cloud is combined with a system designed to work with Blockchain.
Blockchain and Fintech
Blockchain is one of the most significant technological advances in the Fintech industry. It increases the security of the personal information they need to collect and store, as well as creates a more accurate system, even across long distances. If you are unfamiliar with it, you may want to research how it works, but here is a basic explanation to get you started.
Blockchain: A system of computers, even ones not in the same building or country, connected through one program. That program uses a set of blocks to store data. The system starts with one block, and as data is entered from every location, the files are combined and streamlined. Once that block is full, another block is formed, and then another, and another. As each block fills up, it connects itself to the block before it, so each block is linked together in a chain; a blockchain!
These two innovative technologies have opened up a whole new world for the mortgage industry, breathing new life into everyone within the segment. Of course, many more things have made positive improvements, such as AI platforms, chatbots, the Internet of Things (IoT), data analytics, and automation. When you combine them all with the two above, you have a system that allows Fintech to move into the future with nothing but positive roads ahead.