How to Master Lending in the Digital Age: A Deep Dive Into Tech-Infused Solutions

To thrive in a competitive landscape, mortgage lenders are investing in new technology. Lending in the digital age demands agility and precision. The best tools should enhance your client relationships. Here’s how lenders can leverage technology to master lending in today’s digital landscape.

Preliminaries to Lending in the Digital Age

How can you get the most out of technology? Simple. Make sure to align your technical solutions with your business goals. Lenders should think through their business model in several key ways.

Set a Goal

Before you leverage technology, you must define your goal. Your objectives might include:

• Developing a marketing strategy
• Connecting to more client leads
• Streamlining your screening process
• Automating client communication
• Networking with other professionals

Defining your goals will ensure that you invest in the right technology. Consider using a mortgage CRM for the greatest efficiency if you have many goals.

Define Your Niche

Want to stand out from the crowd? Carve out a niche in the lending industry. Some lenders might consider such avenues as:

• First-time buyer programs
• Refinancing options
• Alternative lending options

Creating a niche will distinguish you from other lenders. It may also help you better connect with unique markets, which can help your business thrive.

Create a Budget

Lenders should also make sure to set a budget for technology and marketing. Setting a clear budget will help you narrow down the tools that will be most helpful for your practice. Your budget can also help you measure your ROI, which will be useful in future strategic decisions.

Marketing and Lead Generation

Lending in the digital age starts by getting noticed. An advanced marketing platform can help you improve brand awareness and generate quality client leads. Here are some priorities that lenders can set for their marketing plans.

Modernize Your Web Content

Do you currently have a web page for your lending practice? If so, when was the last time you updated it? It’s important that your web content be clean and modern. For that matter, make sure you optimize your content to look good on any device, including mobile.

How easy is your website to navigate? Your lending pages should place your most important information within easy reach. Additionally, your navigation menu should be intuitive and uncluttered.

If you’re not sure whether your website is as you need it, ask for an outside opinion. Resources like a mortgage CRM can provide website templates and more to build a quality website.

Optimize for Search Engines

Search engine optimization (SEO) is the art of getting noticed online. The goal is to get your website to rank higher when potential customers search for specific keywords. Keywords like “first-time mortgage options” or “refinancing support” can boost your visibility.

Don’t forget to use location-specific keywords. Phrases like “mortgage lenders near Cincinnati” (or any other location) will help you connect with local traffic.

Use Chatbots to Provide Fast Answers

Mortgage customers may come to your website looking for answers. An online chatbot can provide them with lightning speed. Some platforms use AI-powered chatbots. Others alert your team to customer inquiries for live interaction.

You can use these chat features to provide instant answers. Doing so will help you establish yourself as an authority. Visitors who gain information from your lending practice may be more willing to commit to your company for their final loan.

Stay Active on Social Media

Building a social media following can help you connect with new leads. At the very least, your social media page will allow you to build your brand online. Sharing web content about lending will also give you an authoritative voice and increase your visibility from “likes” and “shares.”

Many mortgage CRM platforms offer pre-built social media templates. It’s easier than ever before to engage potential clients online.

Generate Leads With a Partner Portal

Don’t just rely on digital marketing. Networking with other real estate professionals can help you generate quality local leads.

Today’s best CRM platforms offer a “partner portal.” This online gateway lets your professional contacts drop leads directly into your lead pipeline. You can follow up through automated emails or direct customer contact.

Customer Relations

Relationships will always be the cornerstone of a mortgage practice, even when lending in the digital age. But that doesn’t mean technology can’t help you nurture strong relationships. Here’s how you can build better connections with your leads and clients.

Automate Email for Better Communication

Email provides a convenient touch point for new leads. Marketing software and CRM platforms can send automated emails unique to your customer segments. For instance, you can send new leads an introductory email explaining your services. Later, you can send follow-up emails that go into more detail about the lending process.

Automated emails also help customers throughout the lending experience. You can send emails to let customers know they’ve completed an important phase so they can track their progress.

Provide a Customer Portal

Lenders can provide their customers with an online portal. Customers can submit forms and track their progress online. That’s a plus for busy clients. With an online portal, there’s less need for an in-person office visit. And if there are snags in the borrowing process, it’s easier to address issues and upload the appropriate documentation.

Web-based portals also make it easy for lenders to interact with clients on the go. A mobile app means you’re never out of reach for your clients, which yields stronger relationships.

Consider Accepting E-Signatures

Your clients are looking for the smoothest experience possible. Accepting electronic signatures eliminates the need for a time-consuming office visit. Docs can be sent directly to your clients, who can complete the form right in the client portal.

With the right platform, lenders can upload documents, and clients can sign within minutes. The result? A frictionless experience for you and the borrower.

Credit Management

Lenders play a role in evaluating the creditworthiness of potential borrowers. Technology facilitates this. Lending in the digital age involves leveraging tools to quickly screen and evaluate potential borrowers.

Streamline the Screening Process

Digital tools make it easier to assess the creditworthiness of your clients. Advanced algorithms empower you to perform rapid credit checks and assess your borrowers’ financial situation. As a result, you’ll see greater accuracy and rapid turnaround time.

Borrowers will appreciate faster approvals and tailored lending decisions. Once you learn more about your clients’ financial situations, you can present solutions that fit their needs.

Consider Alternative Credit Histories

Not all clients have the same financial history. For instance, small business owners may lack traditional tax forms or pay stubs. Technology allows you to consider alternative credit histories. You can look at loan repayments, income data, or bank account information.

Armed with this information, you can serve a wider base of clients. You might even position yourself as offering non-traditional lending solutions. That way, you’ll attract more referrals and carve out a niche in a competitive market.

Keep Data Secure

Don’t leave yourself open to a data breach. Choose a mortgage platform that offers maximum protection for your clients’ most sensitive data. A data breach won’t just cost you money — it can damage your public reputation as well.

Some new solutions even use blockchain technology. This improves security and provides total transparency throughout the process. Other platforms provide security features to protect borrower data and keep transactions secure.

Practice Management

Lenders also use technology to manage their business. Here are some ways you can leverage technology to improve your operations.

Collaborate With Team Members

Work smarter, not harder. Technology provides the tools your team needs to thrive.

Chat features make it easier for teams to coordinate. And task management tools help your employees keep track of projects and work together to provide solutions for your clients. Web-based tools help your teams stay together even when working remotely.

Centralize Your Operations

Mortgage CRM platforms can centralize your operations. Your team can find client emails, important docs, and more resources all in one convenient place. Team members gain access to the most important information. And online records will prevent duplicate emails or other mistakes.

Conduct Surveys and Gather Reviews

Get feedback from clients. Today’s tools allow you to conduct surveys or request reviews. These reviews will help you sharpen your focus in the future. Testimonials will also provide you with material you can use in future marketing campaigns.

Mortgage CRM: Lending in the Digital Age

Lending in the digital age isn’t just about having the right tools. It’s also about how you use them. Lenders thrive when they use a mortgage CRM platform. The BNTouch platform offers features that address all of the above considerations and more.

By using a mortgage CRM, you and your team can experience greater efficiency. Your clients will also appreciate the speed and convenience you offer. Just as importantly, marketing tools will equip you to effortlessly scale your business.

Want to try out these features for yourself? Contact BNTouch to schedule a demo. Discover how technology can transform your business.

To learn more or schedule a demo, contact BNTouch today.

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