What
The Mortgage Industry is constantly a topic of conversation, and for good reason. With an industry that is changing day to day, it is amazing how little technology has been updated over the years. With the number of homes being sold rising, consumers and mortgage companies are demanding software that can not only keep up with demand but alleviates some of the pain points as well.
Who
As the world moves more and more into a digitally connected lifestyle including IoT (internal link to past blog), there is more demand on antiquated industries to keep up. Banking, along with automotive, tailoring and other solid industries are suddenly in need of updated processes to keep everyone happy. In just the fourth quarter of 2021 alone the United States had a total mortgage originations valuing over 893 billion dollars.
Where
Enter younger generations looking for an online automated experience. Online mortgage lending, while not perfect for everyone, allows consumers to get the answers they need fast, while cutting down on employee costs for companies. People are looking for a one-stop show that allows them to get all the information they need in what is a very complicated process. Automating this lengthy ordeal can help close more deals for banks. On the other hand, for companies who wish to still offer a face-to-face experience, streamline content management systems allow for a speedy process with versioning to keep all documents neat and tidy.
Why
So how do we update systems that are A. being actively used every moment of the day, and B. in a way that keeps documents secure? Well let’s first look at what isn’t working.
Mortgage origination obviously involves huge volumes of document creation, whether done digitally or by hand. However, this can create duplicate information, inaccurate updates if not done correctly, and can result in longer wait times for end users. Additionally, there is very little transparency in the process. Because the paperwork is whisked away in a cloak-and-dagger fashion neither consumer lending reps nor consumers really know what is going on once a document leaves their hands. This creates an air of distrust, especially when inefficiencies result in delays or missing information.
When/How
On to the actual digital transformation. By creating systems that seamlessly talk across your enterprise, like how Intellective Unity integrates with Salesforce, lenders can search, act and transact all from one location. With added versioning and multi-level, user-based security, banks can ensure that the information is used by whoever is supposed to be interacting with it at the right time.
Additionally, analytics built into ECM’s allow users to take a glimpse into the process, where a mortgage is in the process and where there might be bottlenecks. This allows them to share that with customer, either by personal email, or by automated reporting to keep both types of people in the loop.
Implementing digital transformation solutions for your bank may take a bit of planning. That’s where Intellective comes in. Let us help you decide what steps to implement first and assist in moving over from your legacy systems, so you don’t lose a single bit of information. Create a simpler process that benefits both your company by reducing time and frustration and gains your brand loyalty with happy customers.