Your firm “went digital” years ago. Now what?

Your firm “went digital” years ago. Now what?

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Your mortgage customers can find you online with minimal effort and can reach out with a few clicks. Does that mean your company is a digital organization? Or have you simply adopted a few digital tools to replace legacy processes? The difference is enormous. 

In this new normal of remote work, your firm may be realizing that gaps exist in your digital processes. With more people staying home, digitizing essential workflows is now an operational necessity and a basic requirement for doing business with customers whose first instinct is to turn to the internet when choosing a lender. 

Truly digital companies leverage game-changing technologies to produce new value and sustainable growth. Digital strategy extends far beyond user interfaces, digging deeper into the customer experience. Innovation lies at the heart of an effective digital transformation. Successful companies aren’t afraid to interrogate their legacy processes for inefficiencies and turn to digital for new, more efficient processes. Innovation is essential to digital success.

According to PwC’s Innovation Benchmark Report, 54% of executives struggle to align their innovation strategy with their business strategy. This indicates that companies are finding it difficult to execute activities that will make them innovative. Practical business strategy experience is often lacking in the room when stakeholders discuss their innovation plans. Bringing in a technology partner with experience implementing innovative strategies may prove crucial to long-term success.

This disconnect comes when companies invest in trendy technology without assessing all of their options. For instance, mortgage lenders might assume they need to develop a mobile app to reach their customers when a responsive, dynamic website would prove more valuable. 

To leverage technology in new innovative ways, stakeholders should put their current solutions to the test, asking questions like:

  • Is our workflow designed to give customers the best experience when engaging with our business?

  • What parts of our processes could we eliminate completely?

  • What is the shortest possible path to customer success?

  • What is added to the process by this activity? 

When mortgage lenders ask these kinds of questions and then collaborate with knowledgeable technology providers, great things can happen.

What does a robust digital strategy look like?

Innovative companies strive to provide their customers with unparalleled value by leveraging digital tools. According to Jeanne Ross, a principal research scientist at MIT’s Center for Information Systems Research, robust digital strategies share a few common traits:

  • IT stakeholders don’t shoulder the burden alone: Digital transformation is a business transformation - IT alone cannot solve the challenge. 

  • Short-term wins don’t distract from long-term goals: Strong strategies utilize digital solutions as long-term investments and don’t get sidetracked with short-term benefits.

  • Customer collaboration is essential: Successful digital strategists can admit that they are not mind readers. They research customer needs and behaviors and make decisions based on scientific measures.

  • Technology providers play a crucial role: By working with outside experts, successful companies reduce their overall ownership cost and improve their time to market. 

Successful companies don’t invest in digital tools because the market forces them to update their legacy systems; they do so proactively to provide a customer-centric value proposition.

Digital lending platforms support sustainable growth

Mortgage lenders have many digital tools available to them, and loan officers know first-hand how difficult it can be to work with several tools that don’t play well together. This type of inefficiency gets in the way of excellent customer service. Digital lending platforms (DLPs) provide lasting value by continually evolving, off-loading pressure from lenders, and driving value for customers.

DLPs have the potential to reshape the lending process into a customer-centric experience.

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