Originating loans is time-consuming for both borrowers and lenders. Borrowers have to print statements, complete forms and photocopy proof of identification before physically submitting the documents to the lender. Lenders then have to manually process the documents, making sure the information provided is accurate – or at least hoping it’s accurate.

However, digital solutions are completely transforming the finance industry and the lending industry is no exception. With greater access to a rich set of data, mortgage loan origination can move from weeks to days, information will be more accurate and up to date, and the experience for borrowers and lenders will be radically improved.

Customers in general are increasingly turning to financial institutions offering the most convenient apps and tools. Banks and lenders need to learn how to harness technology so they can embrace a digital lending experience, or they risk getting left behind.