How Technology Can Help Mortgage Lenders Stay Ahead of Fintech Competitors – NMP

Address the ‘Why’ when choosing

To equip sales teams for success, lenders need the right tools in place. These tools should be created with the future of lending in mind and include the technologies and systems necessary to execute marketing strategies at the right time and place. When considering and implementing business technologies, the two factors organizations should prioritize are centralization and integrations.

Having a centralized system will enable teams to track and report on all sales and marketing activities across all channels. As a result, employees will be empowered to effectively go to market and quickly complete routine administrative tasks, freeing them to tackle more fulfilling projects. Cultivating lifelong customers while gaining new ones is more important than ever, and having a unified system of delivery and collaboration ensures that existing, new and potential customers can feel personally understood.

The importance of integration

Once organizations have gathered the best solutions, they can optimize the technology stack. Given the speed of innovation, these technologies will inevitably evolve just as business needs will. When companies build their systems, it is important to avoid inadvertently limiting what the systems will and will not be able to do, especially from an integration perspective. Today’s lenders have vast amounts of data to protect and manage. And consumer expectations have only increased – lenders must now communicate with customers across all channels in record time.

Efficiency-enhancing technology solutions such as CRM and customer engagement platforms will give traditional lenders the advantages needed to compete against consumer-direct fintechs. These solutions allow businesses to take responsibility for marketing and sales activities from a centralized environment that can help ensure business compliance with complex regulations – a critical tool to have in the financial services industry. The right technology can also use data to gain insight into how customers and prospects interact with marketing and sales, helping them make informed decisions about how to better connect and engage with them going forward.

Through an integrated technology approach, this enables smarter marketing across all platforms, enabling seamless integration of other best-of-breed solutions that can be used together, as opposed to working in siled operations.

Technique for strength

Digital transformation cannot be stopped. Traditional lenders can choose to get their teams on board, find and integrate the right technology that will enable them to not only survive today’s transforming business landscape, but thrive against emerging consumer-direct fintechs and neobanks. Leaving behind outdated tools and embracing new solutions to help optimize business processes while scaling growth will be key to success to ensure traditional financial institutions remain strong competitors.

Traditional players have one major advantage – the strength of their people-first customer connections. While most fintech companies eliminate the need for personal customer relationships, traditional lending institutions can disrupt the disruptors by leveraging technology that enables them to continue a people-first approach, which will create a financially healthier world as a result.