Revolutionizing real estate: Mortgage transformation, new business models and home ownership ecosystems

Digital Reinvention
Q+
15/11/2023Study

In the not-so-distant past, the quest for your dream home involved leafing through newspapers, attending open houses, and relying on word-of-mouth recommendations. The journey was time-consuming, and there was often room for disappointment. But the real estate industry has undergone a revolution, powered by technology, making the search for that perfect home more efficient and dynamic than ever.

In a global market where the total value of real estate soared to $3.69 trillion in 2021, the industry has truly reinvented itself. In the age of smartphones and instant information, a staggering 97% of homebuyers turn to the internet during their home search. Furthermore, it's no longer just about static property listings; it's about immersive experiences and data-driven insights.

Yet, this digital shift comes with its set of challenges, from information overload to the threat of digital fraud and misleading listings, making it essential for buyers to exercise caution. The digital landscape has also intensified competition, often leading to bidding wars, creating a sense of urgency among prospective buyers.

Home financing and management have likewise undergone radical transformation, with a raft of innovative solutions simplifying life for homeowners. Online mortgage and home insurance processes have become more customer-centric with the integration of virtual assistants, streamlined document verification, and automated underwriting. Rent-to-own models are gaining popularity, providing flexibility for those who may not be ready for immediate ownership. Furthermore, homeowner ecosystems are addressing multifaceted needs, including financial challenges, energy efficiency, and environmental responsibility, ensuring that homes are not just spaces but holistic, sustainable living environments.

This all points to a real estate industry that has truly embraced the digital age, offering more satisfying and cost-efficient experiences for all involved, while simultaneously adapting to the demands and challenges of the modern market landscape.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

Digital Reinvention
17/03/2025News

Marygold & Co. introduces innovative financial app to simplify money management

The app aims to address long-standing inefficiencies in the banking system by integrating features that enhance financial control and simplify...

17/03/2025News

CaixaBank to train over 30,000 employees in senior customer service

CaixaBank has announced a large-scale training initiative to enhance customer service for elderly clients. More than 30,000 employees will undergo...

Digital Reinvention
14/03/2025News

Commonwealth Bank expands AI partnership with Anthropic

This collaboration is set to enhance CBA’s AI capabilities, aiming to improve customer experiences while maintaining a strong focus on...

Digital Reinvention
13/03/2025News

Revolut enhances security features to protect users from fraud and theft

The updates come in response to a rise in phone thefts in major cities and an increase in phishing scams...

SME Banking
13/03/2025News

CaixaBank launches carbon footprint verification service for businesses

This initiative allows companies to verify their emissions after measuring them using CaixaBank’s CO2 calculator, reinforcing the bank’s commitment to...

12/03/2025Article

Transforming customer engagement in banking: Trends for 2025 and beyond

To remain relevant in 2025 and beyond, banks must focus on nuanced customer segments, tap new engagement channels, and build...

ESG
12/03/2025News

CaixaBank expands sign language video interpretation service nationwide

This initiative aims to improve accessibility for individuals with hearing impairments, allowing them to receive financial information through a real-time...

Digital Reinvention
11/03/2025Article

Qorus and Infosys Finacle launch the 2025 edition of the banking innovation awards

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Qorus, a global association of banks and insurance...