The Role of DevOps in Mortgage Services

The Role of DevOps in Mortgage Services


The financial services sector is one of the leading adopters of digital tools. From retail banks to wealth management and consumer and commercial lenders, an online presence is now a business must-have.

Technology also helps drive value from new sources, such as automated underwriting or AI-powered object recognition that can survey property autonomously. But how do you institute technology changes in a tightly controlled environment? How can mortgage providers benefit from the latest digital innovations while staying compliant and secure? This is where DevOps could play a role.

DevOps combines software development expertise and close collaboration (almost a partnership) with the IT operations team. Together, developers and managers move towards shared software and service delivery goals, working in concurrent tracks.

Unlike a conventional approach, Ops does not wait for Dev to fully complete software building and testing. Instead, operations specialists review code blocks and start deployment even as the next iteration is under development. With every cycle, both teams conduct rigorous testing, incorporate user feedback, and take compliance mandates into account to deliver safe and effective software.

That is why the financial service sector is among the leading employers of DevOps engineers. Apart from technology, BFSI was among the top three industries to leverage DevOps according to research. In the mortgage sector, DevOps can unlock five key benefits:

1. Get your automation projects off the ground

Automation is a massive competitive differentiator for mortgage businesses. It can dramatically reduce the headcount needed for iterative tasks such as data entry, routine customer servicing, and document reviews. New forms of automation like hyperautomation, powered by artificial intelligence, further increase its revenue generation possibilities.

Automation projects often stall due to the lack of momentum or internal “thrust” that will take unfinished scripts to completion and deployment. But with a DevOps approach, mortgage providers can simultaneously pursue automation development and delivery. Every iteration will improve in quality and the DevOps team will also bring native automation skills (non-mortgage oriented, but technically proficient) to the table.

2. Comply with security rules and regulations

Digital processes in the mortgage industry are heavily regulated. The reason is that lenders deal with huge volumes of customer data and personally identifiable information. For example, the PCI DSS mandates that any company handling transactions shall have to comply with a set of network and information security rules. Since DevOps turns application delivery into a continuous and ongoing process, there is always room for improvement, like accommodating new features.

Further, DevOps is more secure than traditional software development by default. It follows a “shift left” strategy, where testing and checks are moved towards the early stages. This makes compliance easier and less expensive.

3. Deliver reliable applications and services

One of the key benefits of DevOps in any industry is that it enables greater application reliability. Unlike traditional software development teams, DevOps does not stop working on an application, product, or service. Its ongoing continuous integration/continuous delivery (CI/CD) pipeline allows engineers and operations managers to constantly strengthen the digital system. As a result, the end-user receives a high availability product with minimal uptime.

DevOps teams also monitor reliability metrics like defect rate, mean time to recovery, etc., to track and control downtime. For mortgage businesses, this means that their online presence and internal digital processes will be up and running as per industry-best SLAs.

4. Speed up time to market and beat the competition

Fintech and digital-native players are providing stiff competition to established lenders, and in many ways, they have a very real advantage. 60% of the conventional mortgage industry say that their personalization capabilities are “average at best,” while technology-based companies regularly use AI to provide personalized and self-service borrower experiences.

That is why more than 4 in 10 lenders believe that upgrading legacy infrastructure is a top priority – and DevOps is key to getting there. It will shrink digital transformation timelines and help existing lenders quickly catch up to the competition, by driving innovation at pace.

5. Build a sustainable digital foundation

Large lenders with legacy processes often treat digitalization as a set and forget process – overhaul once, and use digital as the new default, without an eye on continuous improvement. In reality, digital transformation is fast-paced and ever-evolving, with new technologies constantly emerging that either customers demand or that could optimize processes. For example, blockchain-based NFTs, AI-powered lending platforms, and even the metaverse could impact the industry in quick succession.

A DevOps approach establishes a foundation where there is documentation, processes, and frameworks in place to develop new technologies without incurring technical debt. It does away with siloed innovation and tribal knowledge, to make it a more institutionalized practice.

Discover how DevOps could transform your mortgage business

At Nexval, our team of 1000+ SMEs is well versed in DevOps methodologies, tools, and artifacts. We have developed customized DevOps and DevSecOps tools that aid in CI/CD, automation, containerization, and infrastructure as code (IaC) based optimization. Particularly in the cloud era, DevOps will be essential to helping lenders maximize the available computing resources while building next-gen services.

Are you ready to embrace the power of DevOps for your mortgage processes? Talk to our Tech Gurus to know more!

Anwesha Basu

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