Innovation labs changing the mortgage and banking game

Companies that tend to be the most successful are the ones thinking about the future and the mortgage industry is no different.

More and more mortgage companies are making investments in their future by setting up innovation labs. Loan Depot, for example, recently announced a $100 million investment in their own lab.

Loan Depot isn't the only example of innovation efforts in the banking space though. There is CIBC's innovation lab in Toronto’s MaRS Discovery District, Citi's innovation lab in London, Scotiabank's Digital Factory and more.

The moral of the story is doing business the “old way” is not going to cut it anymore as it doesn’t meet the changing needs of today’s consumer.

Companies that are playing to win in the future are making these types of investments in innovation. While innovation departments, such as Scrappy Labs at American Pacific Mortgage, are still somewhat unique in our industry that will soon change as the importance of actively seeking out unique, new pathways becomes more relevant in keeping up with rapidly changing technology and the demands of the modern consumer.

By launching innovation programs we must commit to seeking out problems proactively for the benefit of our customers. The goal should be to utilize our employees effectively and leverage each of their best ideas to create an extraordinary experience. A company’s staff is its best resource and that is why a culture of innovation must be adopted by the leadership of an organization. Encourage each and every employee to think about how they can help the company innovate. Have them bring new ideas to the table and when that happens, don’t brush those ideas off – truly consider them.

This shows a commitment to innovation and moves the needle forward when keeping the customer experience top of mind. If a company is constantly seeking out new opportunities to create unique solutions for its customers, then it is future-proofing itself.

The past is no guarantee of success in the future. Activate your teams, invest in innovation and promote idea creation.

Play to win, and don’t get left behind!