Did you know that an average employee spends up to 30% of their workday retrieving paperwork for clients? Imagine if hundreds of clients walk into your organization daily only to get turned away after office hours. Some might not come back because they do not have time to wait in line for their turn. The only way to increase employees’ productivity and improve customer experience is through adapting digital mortgage management. Here are some ways a lending institution can benefit from this platform:
1. Automation services reduce organizational costs and improve customer experience
There is power in automation services such as email bots and chatbots. Your clients already have an idea of how to take control of their requests effectively, even if they are not tech-savvy. Technology also allows you to personalize services based on individual needs. Each time a client requests for mortgage or receives an email confirming verification, you will not have to do a follow-up.
Remember, your employees can easily make errors due to repetitive operations, including processing documents, seeking compliance from third parties, increasing organizational costs. The only way to minimize the risks is to adapt bots as a service.
2. Making mortgage application easy and providing borrowers with a wide array of options
Customers have different needs. Some may embrace digital home lending solutions, while others might prefer doing things the traditional way. While automating your services might look convenient with the current generation, the last thing any client wants is being forced to do what they do not want.
It is evident that some clients will prefer the cumbersome paperwork process, but it helps if they learn a thing or two. The best way to convince home buyers who are skeptical about online mortgage applications is by teaching them how it works. Fortunately, generation Z already knows how to operate things online, making it easy for them to provide their data and financial information.
3. Guaranteeing customer data privacy through encrypted services
It is not easy convincing a customer that their data will remain private and confidential even if they have embraced digital transformation. Some of them might have encountered invasion of privacy from online hackers through social media platforms, making them more skeptical about embracing digital home lending solutions. However, most lending institutions already know the risks involved with the lack of cybersecurity solutions.
To ensure your clients are not exposed to the threat of hackers, embrace a comprehensive email cleanup solution that detects threats or invasions. A multi-layered cybersecurity solution helps you adhere to compliance standards and guarantee customer privacy and confidentiality.
4. Mobile apps transforming field service
Mortgage companies have field representatives who track the work progress and return to the office to report their findings. This back and forth process can be tiring, especially if the inspector has to visit more than one field. But with mobile applications, field officers will not have to drive back to the office to submit data. Instead, they can reduce time wastage by submitting reports directly through the apps.
Smartphone apps make work easy. They allow inspectors to take photos, capture data and update their findings from wherever they are. An organization that relies on apps to boost its business processes will save on turn-around time and improve employees’ productivity.
5. Guarantees a healthy ROI and increases revenue growth
Social distancing has made automation services more popular now than ever. Clients and service providers do not have to meet to seal a deal. All they need is to download a specific mortgage app or apply through the company’s email address to complete a transaction or sign a contract. In the future, companies adopting digital mortgage technologies will record increased revenue growth and save on operational costs.
Contrary to what most customers believe, mortgage digitization strategies are not about removing human input from the business process. Instead, digitization’s primary goal is to delegate repetitive tasks to computers to focus on complex tasks that benefit the company.
When mortgage companies automate their services such as lending and applying for home loans, they make their business processes easy and improve customers’ experiences. To prepare for successful mortgage digitization, financial companies should learn more about eAsset for digital mortgage while expecting the changes that come with adopting such strategies.