Ernst Publishing Company has shared the results of their recent survey on the use of mobile technologies in the mortgage lending industry at the American Land Title Association’s recent Business Strategies Conference in Oklahoma City. While more than 80 percent of respondents use mobile technologies daily in their personal lives, only 17 percent said that at least half of the business services they provide were currently being offered to consumers via mobile devices.
“Because of the risk averse nature of our business, our industry has always lagged behind technology trends to some degree, but this time it could really hurt us,” said Gregory E. Teal, president and chief executive officer of Ernst Publishing. “We’re our own best evidence that consumers want access to mobile tools and yet we’re not making these tools a priority in the way we deal with our customers. This establishes mobile as a significant competitive opportunity for the firms that innovate here.”
To uncover these findings, Ernst surveyed over 8,500 industry participants, including title agents, lenders, escrow agents, attorneys, real estate agents and technology vendors. Teal shared the insights with the industry on a panel that also featured Abhinav Asthana, product strategist for Wipro Gallagher Solutions, and Katie Laws, business development officer for Stewart Abstract & Title of Oklahoma.