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Pre-qualification portals, borrower-facing smartphone apps, and other digital tools improve customer service and shorten the mortgage cycle.

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3 reasons why digital lending will bring you more

3 Reasons Why Digital Lending Will Bring You More Sales

In the highly competitive mortgage industry, lenders are constantly on the lookout for effective

ways of standing out from their competitors, attracting new customers, growing revenue, and

controlling costs. Since there isn’t much room for variation in lending rates, superior customer

service becomes a lender’s most compelling means of differentiation. This article explains how

digital mortgage tools have become a great way to improve your borrower experience by keeping

them informed and engaged, while simultaneously enhancing operational efficiency.

Making an impact on millennials

As the years progress, successful businesses adjust their offerings to suit the tastes and

temperaments of each emerging generation. The growing economic clout of millennials has led

banks and other mortgage lenders to aggressively leverage digital channels for promoting their

services, communicating with borrowers, and even expediting the mortgage closing cycle itself. The

same kinds of digital tools that allowed online retailers and content providers to gain ascendancy

are now poised to change the face of consumer lending.

Digital channels represent more than just an alternative means of disseminating product

information; they are vehicles for unprecedented levels of direct consumer immersion and brand

engagement. Each consumer touchpoint becomes a potential success story or an opportunity for

instant word-of-mouth marketing. Embracing the digital realm is a powerful way for lenders to

generate high-quality leads through organic borrower referral.

However, it is worth noting that millennials aren’t the only ones using these digital tools. More and

more potential homebuyers from all demographics are turning to the Internet as their primary

source of research on mortgage lenders, and the vast majority of these potential borrowers prefer

a lending process that is driven by digital technologies, including real-time application status

updates convenient document scan and submit

updates, convenient document scan-and-submit functionality, and integrated communication

management tools that span multiple digital channels. The onus is now on lenders to fulfill these

expectations, improve brand perception, and increase their market share.

Pre-qualification portals improve loan quality

Businesses across multiple industries have improved employee productivity while improving

customer satisfaction at the same time by offering self-service options using personalized web

portals. Customers can use their computers or mobile devices to check their order status, update

shipping and billing information, open new service requests, and so on. This takes less time, costs

less, and is much more engaging than dedicating a small customer service team to processing

these types of customer requests.

The mortgage industry is also taking advantage of self-serve portals to manage customer service

workloads and costs. However, lenders can also benefit by implementing consumer-facing portals

at the beginning of origination cycle: pre-qualification. By allowing potential borrowers to submit

their documents and verifying their quality and completeness, lenders can save hundreds of

paperwork-hours every week and quickly identify problematic loan applications with minimal effort.

Pre-qualification portals improve document accuracy and reduce business risk without involving

high long-term operating costs.

Mobile apps shorten your closing cycle

While there’s no doubt that smartphone apps appeal to younger consumers, a digital mortgage

app isn’t just a gimmick to attract the millennial crowd. A well-designed mortgage app improves

multiple aspects of your borrower experience, promotes faster document turn times, and results in

more efficient borrower communication.

Lenders have begun using mortgage apps as a channel for loan document submission. A borrower

uses their smartphone camera to scan the document, and the app sends the scanned document to

the lender. Apps can also keep track of any pending documents in a convenient checklist.

Similarly,digital mortgage appsare quickly becoming the dominant means of informing borrowers

about the status of their application, upcoming meetings, or any other type of alert or notification.

Sending these requests straight to the device in your borrower’s pocket can shave hours or even

days from the mortgage closing cycle, and also provides a sense of security and immediacy that is

less pronounced in other digital channels.

The mortgage industry is ramping up its adoption of digital tools and mobile solutions, and

lenders that choose to ignore this trend will soon find themselves losing market share to more

forward-looking organizations. Lenders should take great care in selecting a technology partner

that can deliver well-designed, well-executed digital mortgage solutions that keep borrowers

engaged. To learn more about your organization can maximize the impact of your existing

technology investments as the digital mortgage landscape continues to evolve, pleasecontact

Visionet Systemsand schedule a complimentary consultation session.