"We always have to make sure that we're doing it safely, securely, and in the best interest of our consumers"
The blossoming of innovation in the Canadian mortgage space is not likely to peter out any time soon, according to Eric Larocque, chief mortgage operations officer at Community Trust.
At the same time, it is incumbent on innovators and tech service providers to ensure a carefully considered approach, even as they continue to expand their capabilities.
“As we look to drive more automation and efficiency within the process, we always have to make sure that we’re doing it safely, securely, and in the best interest of our consumers – and being able to know and protect their data and understand where the data is coming from,” Larocque told CMP TV recently.
Enriching the customer’s experience should be the ultimate goal – and the industry has not even begun to scratch the surface of what is possible, Larocque argued.
“I think more and more [that] we haven’t really seen what [tech is] capable [of],” he said. “I expect some new trends to emerge in 2023... that forces us to think differently.”
Larocque cited open banking as a particularly promising development that is “going to serve us well, but only if we’re ready to play in that space and be able to protect and do the most in terms of integrity with the data that we are playing with.”
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