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Tag: myCommodo
Banking in the Past vs. Today

The modern mortgage loan has, for several decades now, been the bedrock on which the Canadian and U.S. economy has been built. Home ownership is something almost every individual and family strives towards, easily constituting the largest purchase most people will make throughout their lifetime. Unfortunately, only a fraction of the population can afford to purchase a home outright, which is part of what has made the mortgage the most prevalent and prolific financial instrument ever created.

There’s an entire generation of future, potential homebuyers, who will never understand the pains people once had to endure in order to secure a residential mortgage. Time was, mortgage applicants had to make numerous trips to a bank, speak to a mortgage broker or specialist, and negotiate terms based on the cost of the home you were attempting to buy. The process was both time consuming and arduous, requiring multiple steps and several levels of approval before the loan was granted. Not to mention, the leg work, with the onus being placed on the homebuyer to seek out as many financial institutions and mortgage brokers necessary in order to secure the loan.

Thankfully, things have changed for the better, with advances in e-commerce and internet banking that have allowed the process to become far more streamlined. The introduction of e-banking revolutionized banking, essentially turning individuals into their own bank tellers allowing the user to perform simple transactions and transfers, pay bills, and even apply for credit and loans. And it is with regards to loans where myCommodo has revolutionized the process even further.

myCommodo reverses the onus, introducing a system whereby mortgage brokers seek you out, based on the information provided on your application. Our brokers then do the shopping around for you, seeking out the financial institutions on your behalf to find you the lowest rates. Your loan application becomes a prized item that different banks compete for by offering you the lowest rate possible.

And if all that wasn’t good enough, our online portal allows you to upload your documents directly through your smartphone, tablet or computer, eliminating the need to have to visit a post office, either.

Apps Are Taking Over the World

Mobile and web applications have changed the way we consume media, communicate with others, travel, perform every day tasks, and perhaps most importantly, how we conduct business. The app industry has become one of the largest global industries, earning revenues in the billions for app publishers and distributers (like Apple and Google), creating a micro-economy in its own right and creating jobs for hundreds of thousands of talented professionals worldwide.

Stuart Dredge and Charles Arthur of The Guardian wrote back in early 2012, that Apple was about to surpass 25bn downloads. The fact that anyone can download an app quickly and easily to practically any mobile device has made given apps a level of ubiquity that only smartphones and tablets can rival.

Apps play a crucial role in many of the business models disrupting established industries, such as entertainment, transportation, and banking. Businesses have utilized mobile and native app technology in a variety of ways, as both a tool to extend the reach and scope of their services, or as a platform for the direct sale or distribution of products to consumers. TD Bank, for example, has introduced a virtual cheque deposit system into their mobile app, allowing user to deposit their cheques directly by simply taking a photo. Going to a physical TD location is still required for a variety of transactions, but the app removes the need to deposit your cheque at an ATM, or have a teller perform the transaction for you. Spotify, on the other hand, is a music streaming service, whose operation exists entirely online. The sale and consumption of music takes place all within their app. No need to visit anywhere or speak to anyone. Simply download, sign in, and start using.

The myCommodo web application is yet another innovation that falls within the first category of apps mentioned above, extending our ability to serve more potential homebuyers efficiently and effectively, eliminating the need for clients to have to travel anywhere or speak to anyone directly in order for the application process to begin. By streamlining the application process, introducing a system whereby brokers compete to get you the lowest rate available, users can be assured that the process from loan application to loan approval will be as expedited as possible.