WASHINGTON–Ongoing technology developments in non-financial industries are continuing to drive consumer expectations when it comes to financial services, according to Fannie Mae’s Economic and Strategic Research Group.
One example: Amazon’s announcement it is testing a store in which there are no checkout lines or cashiers.
Fannie Mae's Economic & Strategic Research Group is offering these predictions for how the market is changing:
- Mobile mortgage usage and demand have approximately doubled in the last year.
- The demand for mobile mortgage quote comparison likely presents the greatest opportunity as it shows the largest gap between current usage and future interest.
- The potential for mobile growth is widespread across a variety of mortgage activities - each one shows a large increase in future mobile interest over the last year.
- Many mortgage lenders have started to respond to interest in mobile resources by developing mobile apps, and half reported expectations that they would offer a mobile app by the third quarter of 2016.
- Mobile usage and demand for home buying activities is most prevalent among younger, college-educated, and first-time homebuyers.
- As sources of mortgage advice, online websites and mortgage lenders have the same level of influence on low-and moderate-income recent homebuyers.