How an AI-powered lending platform is an asset to your brand
As more aspects of everyday life become digital and automated, visibility and brand reputation becomes ever more critical. Even before the COVID-19 pandemic, usage of digital platforms for the lending experience was already multiplying. Now employees and consumers are even more likely to interact via digital channels than before the pandemic. As a mortgage industry leader, you should reframe how you think about your online brand to ensure your business remains attractive to talent and customers.
Ultimately, your brand reputation comes down to a combination of your team and their abilities, along with the technology you use to enable the consumer. Your team and your digital footprint are the main interaction points the consumer has with your business. It is critical to focus on the strength and continuity of these two assets.
Luckily, the right digital lending platform can help drive the right brand message to the market. Lending technology must provide an intuitive, frictionless experience for consumers. By arming your team with similarly designed tools, you can maximize effectiveness. Your team also needs to meet your customers where they are, which requires robust solutions to support workforce mobility. By accomplishing these goals, the technology will enable greater efficiency and continuity of your brand message throughout your customer’s journey.
Enable efficient loan officer workflows
If your loan officers struggle with outdated, clunky technology, it won’t matter how good they are at their jobs. Your customers will see their challenges and impact your brand. You need to empower them with the right tools to help them engage your consumers at any time of day, from any device, wherever they may be. Cloud-based digital lending platforms (DLPs) provide the flexibility, security, and integration options loan officers need to compete in a digital-first world.
With the support of an integrated DLP, loan officers can access multiple systems without logging in and out of various disconnected tools, allowing more time to focus on your customers. Plus, the multichannel communication solutions provided by DLPs enable loan offers to have productive conversations with consumers at each stage of the loan process. Accessible and consistent communication with your customers is critical in delivering a strong brand experience.
Additionally, artificial intelligence (AI) can augment some of the more laborious loan process tasks. From identifying and categorizing documents to checking those documents for fraud and accuracy, some of the most costly and time-consuming tasks enjoy increased speed and efficiency. Even better, this technology can communicate issues and surface action items to your customers, even when your team is offline.
Delight consumers with intuitive online experiences
The first engagement consumers may have with your brand is when they are in the shopping phase of their mortgage journey. Today, mortgage consumers typically do research online to learn about their options before engaging with a specific lender. You should consider enabling consumers to intuitive self-serve experiences, like loan calculators and educational resources, to start building brand equity early.
When consumers encounter outdated information and obscure menus, they may leave and never come back. With mortgage volume hitting an 11-year high in Q2 2020, you should be considering your customer experience quality at all points in the journey. Cohesive lending platforms enable a more consumer-friendly origination process, making your leads more to choose you as their lender.
From the consumer’s perspective, this could mean less time to close on their dream home. Instead of getting frustrated with low visibility in the process and feeling like they are waiting, your customers feel like they’re making progress toward a home purchase. Once applications are in processing, consumers can then use the DLP to check the status of pending items and ask questions as needed. By providing an engaging and transparent experience to your customers, you are driving brand loyalty and increasing CLTV.
Deliver a brand-building lending journey
We are relearning how to buy and sell homes in one of the most unusual periods in living memory. As digital mortgages become the industry’s new regular, lenders will depend on their employees’ expertise and technology’s functionality to support the home-buying journey.
In the path to a fully digital mortgage, you should consider how your implementation of required technology reflects your brand perception. Consider partners that allow for complete white-labeling of digital solutions to minimize customer confusion and maximize brand impact.
As mortgage lenders figure out how to exist in a digital-first world, they may need to assess every detail of their operations. They will need reliable technology to build branded, personalized consumer experiences while facilitating loan officer productivity. To learn more about how AI and hyper-personalization can give your consumers a tailored experience, reach out to one of our Solution Consultants today.