Environmental, social and governance (ESG) considerations are shaping the corporate agendas of organizations around the world. Even community financial institutions are becoming more purpose-driven, focusing on initiatives that improve the lives of their customers or members and the world at large. Local banks are taking their commitment to ESG directly to the community through mortgage lending. Community financial institutions are supporting diversity and inclusion by providing funding to people who may be economically disadvantaged.
While these efforts have been substantial, there is still work to be done and this is where technology comes into play. Banks can use new technology and analytics models to deliver a more accurate picture of risk while reducing the cost of funding, allowing the bank to issue financing at lower rates. The impact is a reduced cost to serve for the banks, but also a potential increase in the number of people who can own a home.
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