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How To Beat FinTechs, InsurTechs and WealthTechs at Mortgage and PropTech Innovation

Digital Strategy Transformation Roadmap 2019: Bank, Asset Management, Insurance Company Approaches

The Mortgage and property industries are undergoing massive change with FinTechs creating competitive customer acquisition models and experiences that are threatening traditional lending. Mortgage and insurance companies must reimagine their business approaches and innovate strategies that use their brand, scale, network, and data for differentiation.

Rather than compete on customer acquisition, differentiate across the existing client ecosystem with value-added services and next-gen digital solutions for property technology (PropTech) Innovation.

Here’s How Synechron Can Help:
Synechron draws on its Digital, Business Consulting and Technology expertise to innovate new business models that engage customers, minimize risk, monetize data and more. Learn more in our Mortgage Services brochure.

  • Apply Data Science: According to Zion Research, global digitization in lending was $1,790 B in 2016 and expected to reach $83,460 B by 2025. Synechron’s Data Science Accelerator for Credit Risk empowers banks to predict credit defaults, delinquencies, and prepayments by using machine learning, Random Forests, clustering algorithms, and neural networks. Learn more:
  • Utilize Blockchain and Digital Ecosystems: Mortgage origination is fragmented and distributed across a number of participants. Blockchain can be utilized to manage the origination process centrally and to streamline operations and across these participants. Read more about Synechron’s Mortgage Financing and Processing Accelerator on Blockchain and the latest views from our experts on the topic.
  • Insure Innovation: 98% of home ownership-related insurance claims are due to property damage; 50% of home owners have created an inventory of possessions to account for losses. Insurers can tap into these 4 key trends to change the P&C equation.
  • Connect with Customers through the Connected Home and The Internet of Things (IoT): The average household has 10 connected devices and this market is expected to explode to 50 devices by 2020. Banks and insurers can tap into the connected devices/The Internet of Things (IoT) trend to create new customer touchpoints and loyalty-boosting experiences.
  • Adjust to Alternatives: Asset tokenization is a new concept that uses digital tokens to fractionalize ownership of assets such as property, jewelry or fine art and smart contracts on blockchain to manage these ownership rights. Being able to tokenize assets opens up new alternative investment opportunities for asset managers. Learn more here. .