The lending industry changes. The market inflates and deflates. Regulations expand, and so do the opportunities for your borrowers.
But there something unique and exciting about the most recent changes. They’re more about innovation –not just shifts in policy or the market. One BIG example of mortgage innovation was the closing of the first all-digital mortgage.
“Digital” has sparked a sort of “renaissance” in the mortgage industry, one that is adding more to the mortgage experience and increasing your earning potential.
Take a look at these next big ideas for digital mortgage and be ready for the next shift and business opportunity!
Chatbots
What it is:
A chatbot is an interactive, text-based service. More than just an auto-responder, a chatbot utilized artificial intelligence along with a set of rules to provide a human-like interaction.
Why It’s the next big idea:
Possible uses in the lending industry include customer service, home loan advice, help with financial management, interactive mortgage news and trend reporting, scheduling meetings, and so much more! Chatbots are another avenue for mortgage marketing and lead, too.
You can start using chatbots now on Facebook’s Messenger.
Voice Activated Search
What it is:
Voice recognition software combined with search engine function provides the user with a list of queries. The most well-known voice-activated search providers are Siri and Alexa.
Why it’s the next big thing:
Besides being popular with multitaskers, voice-activated searches can handle highly-structured, complex questions, helping the user find precisely what they are looking for. It’s estimated that by 2020, 50% of all searches will be voice searches (pic)
Voice-activated searches done via mobile are tied to their current location, making this consumer behavior optimum for lenders looking to out-rank Rocket Mortgage and similar mega-lenders.
Video Banking
What it is:
Video banking is similar to Facetiming or Live Streaming (live video is a current big thing in mortgage marketing). With video banking, a consumer can speak a live agent and conduct financial processes.
Why it’s the next big thing:
Though still some time away from being the norm, video banking another layer to the digital mortgage experience. The goal of video banking is to have a similar face-to-face banking experience through mobile or computer. Some of the features that video banking promises include document sharing, digital signatures, and video call recording.
Customer Experience
What it is:
This “next big thing” may seem out of place, but trust us, it isn’t. In fact, all of those above mentioned “next big things” have to do with customer experience. Winning consumers and their business by making them prefer you isn’t necessarily a new idea, but customer experience is becoming foundational to the gaining new clients.
Experiences include making the loan process more accessible, personalized, engaging, secure, and integrated with other services or products.
Why it’s the next big thing:
Customer experience gets results! Lenders that plan for their consumer’s needs, their preferred way to connect, and have a structured customer experience will have an open line of communication and trust with their consumers.
Lenders can create a customer experience by having functional mortgage websites, customer portals, a useful mortgage mobile app, as well as a consumer-facing content marketing campaign.
Are you ready for the next big thing? Are you ready for the digital mortgage revolution that is occurring now?
Call us! We have all the digital mortgage tools you need to adapt and dominate the now and future of lending.
