Banks can cope with “tech arms race”

It takes “intestinal fortitude” but there are ways to keep up with the bigs and millennial expectations

About five or six years ago a bank customer of what was then Harland Financial Solutions told the tech vendor, “Our customers want to initiate a mortgage application on their mobile phone.”

“We couldn’t believe it,” said Michael Dionne, who was working then for Harland Financial. HFS was subsequently acquired by D+H and then merged with Misys into newly launched Finastra this June. Dionne is Finastra’s Managing Director, North American Community Markets. But at the time, he recalled in an interview, “We thought, ‘Who in their right mind is going to spend 25 minutes on their phone entering all the data needed for a mortgage?’”

“Well guess what?” says Dionne, “they now do just that. Millennials are not going to sit down at a keyboard. Their phone is an extension of them.”

D+H eventually did develop a mobile application for mortgage loans, and Dionne says that a mobile mortgage app is now a must-have for serving millennials.

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