With all of the tech advances the lending industry has been able to take advantage of over the last few years, it should come as no surprise that we are quickly moving towards a completely digital deal. For major banks and lending institutions, access to these technologies has been simple, but independent lenders often find that their access is limited because it isn’t always easy to adopt for use or to find room in the budget for costly subscriptions. However, as this tech advances, that is finally beginning to change.
Taking advantage of the technology that has traditionally been accessible only to major financial institutions is now available to any lender. Technology providers have designed solutions that are much more user-friendly, meaning having an IT department isn’t necessary. Furthermore, many of these solutions are priced according to user, so are therefore much more cost effective.
Having access to these tools, the tools that make validating information easy and fast, makes you more competitive – it is as simple as that. It also makes it easy to protect yourself throughout the lending process.
Which tools are the most valuable? Purview For Lenders released a blog this week talking about the various programs, specifically automated valuation models, and how you can take advantage, no matter the size of your organization. You can read more on this here: http://purviewforlenders.com/smaller-lenders-can-now-deploy-the-same-tools-that-banks-have-been-using-for-years-2/.
At Teranet, we are dedicated to providing you with the tools that make you more competitive, no matter your size. Find out more at www.teranet.ca.