Digital transformation is more than a one-off enhancement to existing lending processes –it’s a constant evolution and realignment of tech and automation that steadily improves your business and helps you to remain competitive through trends.
An undertaking of this magnitude may seem too advanced. However, when you focus on these 3 essential building blocks, you’ll find that a digital mortgage transformation is not only attainable but the benefits to your mortgage business are immediately realized.
Leave No Area Untouched by Digital
A true digital transformation considers every part of the organization, and it’s not limited to the IT department, either. Instead, the most successful digital transformations take a strategic and comprehensive approach that creates a unified business model responsive to immediate needs and projected demands.
From fundamentals like intake automation with blockchain tech (URLA/MISMO 3.4) to injecting next-gen technologies like artificial intelligence (chatbots) and machine-learning algorithms (data analyzing), definitive change requires wide-scale commitment and collaboration.
Again, we understand that this may seem out of your capabilities, but it doesn’t have to be. When you use smart platforms and applications equipped with API integration, you’ll find that digital transformation is intuitive and achieved little more than a click to connect, setting the parameters, and adjusting as needed.
Focus on Cross-Channel Communications
Cross-channel or omnichannel communication encompasses functions like borrower engagement, journey mapping with touchpoints, partner collaboration, and self-serve operations. The benefits of omnichannel include:
- Shortened funding timeline.
- Boost in quality and quantity of leads.
- Increased brand awareness and customer satisfaction.
- Secure customer loyalty and advocacy.
Creating avenues for cross-channel communication is much easier today, thanks to advancements in technology. Chatbots, automated data collection, CRM predictive lead scoring, and digital mortgage tools like mobile apps and point-of-sale platforms have made it possible for even non-tech savvy pros to optimize their communication channels.
However, succeeding in the communication building block is primarily dependent on the depth of integration and the customer-centricity level.
In other words, the deeper the integration between your applications and software, the easier it is to connect. As for it being borrower-centric, the acquisition process revolves around the borrower’s expectations and pain points.
So when deciding on digital mortgage software and your communication channels, consider how deep the integration is and whether it puts the borrower at the center.
Think Beyond the Short-Term
While a digital transformation can seem like a hassle at first, the long-term benefits far outweigh any possible downsides. That’s precisely the lesson that many lenders learned in 2020 when the industry was flung into a 100% touch-free environment. Those that already implemented a digital strategy –even somewhat –were better positioned to handle the refi demand and do so in a wholly digital manner.
Therefore, when thinking about your digital transformation’s long-term viability, consider how well it will handle the market’s ebbs and flows and whether it’s built from a digital-first consumer perspective.
Keep in mind that while some transformations may happen instantaneously, others will be incremental. What’s important is to stay the course and commit to it. By leveraging the technologies and strategies that drive change, you’ll develop a digital ecosystem that promotes progress and revenue in every market and volume fluctuation.
LenderHomePage Simplifies a Digital Mortgage Transformation
Make your digital transformation even more hassle-free with a mortgage platform that addresses all of the essential building blocks plus so much more. With Loanzify POS as your hub, you’ll provide your borrowers with a modern intake experience and portal that makes applying for a mortgage a breeze.
Deep integration with top mortgage service providers like Day 1 Certainty, credit reporting agencies, and CRM and LOS vendors speed up approval and reduce errors from duplicate or outdated information.
Plus, by employing Loanzify POS with Loanzify Mobile App, you’ll knock out 99% of the communication hurdle with features that not only connect you with your borrower but also automates most of it for you! Learn how you can streamline your process while attracting more digital consumers with our free ebook.