"Consider how Stripe and Square advanced digital payments by leveraging Visa and Mastercard's existing infrastructure to make electronic payments accessible to smaller merchants. Square developed a smartphone-based payment card reader now widely used by food trucks and pop-up shops, while Stripe released an API that let online businesses take payments with a few lines of code. For these brands, innovation didn't come from replacing existing infrastructure; it came from building upon it."
"In 2008, Hurricane Ike caused widespread damage, flattening nearly every coastal structure in Gilchrist, Texas. One yellow house remained intact. Its owner had previously lost his home to Hurricane Rita in 2005, so when he rebuilt it, he used reinforced concrete and deep pilings that exceeded building codes. With a solid foundation, his house weathered the storm, while others around him were washed away."
"For lenders, proven technology platforms are that steady foundation, keeping them safe and grounded when the market experiences turbulence. For that reason, it's critical for lenders to consider the strength of their LOS when embarking on their innovation journey. For example, does it integrate the entire lending process into a single system of record where critical data flows seamlessly from one process to the next?"
Market conditions reward lenders that identify strategic opportunities and innovate operations to gain competitive advantage. Successful lenders focus on customer experience, operational efficiency and agility to pivot when markets shift. Innovation can leverage existing strengths rather than replace infrastructure. Stripe and Square expanded digital payments by building on Visa and Mastercard networks, enabling smartphone card readers and developer-friendly APIs. A reinforced foundation increases resilience; a house built with deep pilings survived Hurricane Ike while others did not. Proven technology platforms serve as that steady foundation for lenders. Mortgage lenders should assess loan origination system strength and integration to ensure seamless data flow and connected homeownership experiences.
Read at www.housingwire.com
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