Innovation is commonly defined as the “carrying out of new combinations” that include “the introduction of new goods, … new methods of production, … the opening of new markets, … the conquest of new sources of supply … and the carrying out of a new organization of any industry.” So, how can the state of innovation in mortgage lending be characterized?
PROGRESS in Lending surveyed its 90,000 plus readers and they overwhelming say that innovation is thriving. The results were conclusive. In total, 90% of respondents said that innovation is heating up and only 10% said that it is cooling down.
Many scholars and governmental organizations have given their own definition of the concept of innovation. Some common element in the different definitions is a focus on newness, improvement and spread. It is also often viewed as taking place through the provision of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society. An innovation is something original and more effective and, as a consequence, new, that “breaks into” the market or society.
Here at PROGRESS in Lending we will be announcing the winners of the 11th Annual Innovation Awards as part of a digital event in February. More details will be announced in the coming weeks.
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