There are vast new e-business economics afoot. When you ve got a couple of billion people connected on the Internet, you are connected to a marketplace where you can buy or sell, and communicate in real time, from almost any city in the world. In the next five to eight years, connectivity will be possible from every city, town or village in the world. This will add to the already tremendous opportunities for growing your business. I would maintain that the key to a stronger level of loyalty, and building a better reputation, would be customer relationship management, particularly electronically mediated.
Data mining is another key trend.
The ultimate consumer experience is that they can apply and be approved for a mortgage, electronically no matter where they are. The true e-commerce transaction takes an average of thirty minutes to complete. I m talking about most commercial transactions over the Internet. This eliminates playing phone tag to get answers to questions or set up meetings. For those lenders that are not involved in e-commerce, waiting will only put you further behind in this technological world.