The world is going into mobile and are connecting people with digital technology presence. Businesses have evolved and adopted the newest technology to cope with the dynamic lifestyle and environment. Functioning in accordance with the comfort and convenience of customers is how businesses are rewarded today.
In the midst of such a transition, banks are supporting mortgage retail customers in growing numbers. Loan origination software, mortgage servicing software, and other mortgage software solutions are all considering notification for the ease of customers to remain updated, from loan process status to due reminders.
A matter of convenience
Notifications have become a matter of convenience to mortgage customers in retail banking. A pre-dated alert notification allows customers to be prepared for a transaction or make payments without having to cross the due date. Mortgage software solutions featuring push notifications have become the right substitute to pestering calls made by executives. Invading time or space of customers is a big No.
Building transparency
Getting a retail mortgage and paying it off is a complex process. Many a times, people hesitate to apply for loans thinking about the complicated document work involved and labyrinthine conversations with service executives. While automated loan origination software is making it easy for consumers, notifications have become a clear way to communicate with individuals, send them relevant information, and keep them in the loop for account-related activities and transactions. The notifications have not only helped monitor finance, but detect fraudulent activities as well.
Drive compliance with technology
It is true that real-time, personal, and relevant notifications lead to actionable results. But officials have to ensure that notification channels are secured and maintain regulatory compliance.
Needless to say, privacy is a rigid policy for any mortgage or financial institution. One of the main obstacles in expanding notification services is the security issues involved. The recent HSBC mortgage-customer information breach is an example that pointed out how vital security is when notifications are becoming a part of your mortgage software. It is also important to educate retail mortgage customers on how notifications work and why alerts need to be kept confidential.
At this hour, wherein regulations on notifications are being relaxed by authorities and organizations, it’s time to pounce on the opportunity with adequate security measures.
Today, mortgage institutions are pro-digital and pro-notification when it comes to their mortgage software. Mobile notifications are highly popular with consumers and all major banks and have been consistently incorporating the feature in all their mortgage and bank-related activities.
Smart institutions are taking notifications to the next level. They have developed business apps and given consumers the liberty to choose the kind of notifications they prefer to receive and through which channel.
The mortgage software industry has achieved convenience, flexibility, reliability, scalability, speed, and security through notifications. They have been successful in taking mortgaging a step higher. Mobilizing information is the need of the hour for both, retail mortgage consumers and mortgage businesses. 
Preethi
