Mortgages are one of the last lending products to become fully digital as the process represents quite the challenge to innovators; competition is increasing and the top 5 mortgage lenders all saw lost market share in 2018; recently listings services like Zillow have also entered the space, showing that customers have more options than ever before; consumers not only have many different options to choose from when it comes to a digital process but they are also able to shop for the best price; with a generation of millennials in the home buying process the increase of digital tools is coming at a perfect time for a market that is still slow to fully innovate. Source.
