Prepare for Rapid Changes
Without getting into the politics of Wednesday’s school walkouts or entering into any part of the debate, we should look at it as a teaching moment.
Technology and social media provide the opportunity to change and shape ideas in very short order and galvanize a demographic. Technology changes everything including perceptions and beliefs. No matter how important or unimportant the issue, the amount of information we receive daily that shapes what we think and how we act is extraordinary. What would have taken weeks or months to arrange just two or three generations ago came together in a matter of days-having gained sufficient traction to be a success in a matter of hours.
Much less newsworthy, but just as interesting when considering the use of technology, is the fact that there is actually a Kia that you can buy off the lot of your local dealership that is faster in the quarter mile than a Mustang GT.
How did a car maker that was virtually unknown in the United States in 1994 come to pass the performance of a perennial American muscle car icon? Ford didn’t rest on its laurels.
The Mustang GT is considered a great car by many and is more technologically advanced than any of its predecessors. Kia just decided to focus on the technology that it saw as most relevant to the consumer and Ford didn’t expect a Kia to ever challenge a Mustang in a race.
Contending with the incredible amount of information available to consumers that may shift perceptions about homeownership in a matter of days, and the better, faster mentality that fintechs and tech companies as a whole bring to the marketplace, is where we are in the mortgage and real estate industry today.
It may be not good enough to build the best, most technologically advanced Mustang ever. You need to make sure you looking out for the competition you don’t expect to be there and most importantly, be ready to adjust to what could be rapidly changing and shapeshifting consumer perceptions and beliefs.