Mortgages in the Digital Jungle and Survival of the Digital Fittest
It is easy to look at Mortgage as a legal agreement where a bank or a building society lends money at interest in exchange for taking title of property owned by the debtor. In this increasingly digital world however, mortgages and lenders will have to be adaptive.
“Change is the law of life. And those who look only to the past or present are certain to miss the future.” John F. Kennedy
If this quote by President Kennedy is anything to go by, then a lot of old ideas will have to be altered to adapt to this digital jungle. Most of what used to take place in the past will either become renewed or rendered obsolete.
The Millennial generation are challenging and conquering every aspect of technology. It is therefore time to start making changes in the way we approach matters like property ownership and mortgage.
Digital real estate
Digital real estate in form of domain names, social media handles and brands that stake out a space on the Internet are proliferating uncontrollably like wildfire. Most of this digital real estates have more value when well branded than most high street properties out there.
To acquire this digital real estate is a million times easier than any property out there. How on earth are the traditional lenders not seeing this shift in their territory?
In the past we know the Railroads played a large role in the development of the United States from the industrial revolution. How changes in the transport industry came and wiped them out of the market is well documented. The demise of some traditional print is also very evident.
In the recent past companies like Motorola lost ground in mobile market. They didn’t adjust fast enough. Apple and other Android phone makers improved faster than the old guard like Motorola.
In the Mortgages industry, change will have to quicker than ever before. Mortgages lenders will have to adapt to the new technologies and apps around to be able to market their offers intelligently. The Millennials tech and socially-oriented lifestyles call for loan lenders to be in tune with mobile platforms which allow consumers to be reached at anytime and anywhere.
It is important to note that Millennials are an information-driven generation. They are adept at researching homes and interest rates online; this will forces loan officers to staying ahead of the curve by being more knowledgeable than their clients.
To quote President John F. Kennedy again “Change is the law of life. And those who look only to the past or present are certain to miss the future.”