Activating True Digital Experience: How Mortgage Lenders Can Use Personalization to Create a Digital First Experience

Recent studies suggest that Millennials and Generation Z will account for 80 % of real estate transactions over the next decade. Both generations expect an easy, digital-first, and personalized customer experience. As a result, loan originators and mortgage lenders must invest time and resources into understanding customer experience technology to change how they do business to meet the needs and expectations of Millennials and Generation Z. Essentially, loan originators and mortgage lenders must transform their online presence into a dynamic and personalized digital experience to attract and inquiry Millennials and Generation Z as loyal customers. 

Within this article, I will discuss how some loan originators’ and lenders’ websites are currently failing to obtain Millennials and Generation Z as customers while providing suggestions to attract the desired demographic by creating a personalized and dynamic experience for the consumer. 

 

What is Currently Wrong with Loan Originators’ and Lenders’ Websites:

 

Let’s start with a simple exercise. I was hoping you could think about the last few loan originator or lender websites you visited. What did you notice about them? Did they all look the same? Did they use the same language, text, and pop-up messages? Did you feel as if they were speaking to you personally as a consumer? Did you feel as if they were up-to-date? And finally, did you feel compelled to purchase a service from them? If you didn't, ask yourself why? 

The answer is quite simple: websites that stay the same without adapting to user behavior and demand will not sell as much. We often see this problem among loan originators and lender websites. Usually, their websites act as online brochures to pitch their services or establish brand recognition. The user experience is static, which is an old way of website building and customer retention that is not effective when trying to capture the attention and business of Millennials and Generation Z’s. 

Static websites fail because they do not take into account the need for optimization of the buyer’s journey as well as the change in user behavior. As a result, customers are likely to become frustrated and buy a service from a competitor whose website is dynamic. 


What Loan Originators and Mortgage Lenders Can Do to Their Website’s to Create an Experience and Attract Millennials + Generation Z:

Long ago, retail stores realized that remaining the same was costing them a lot of money. In turn, they adapted and are now fluid based on consumer data. This is similar to how the real estate market has changed the way homes were built and designed to reflect current market trends and needs. Loan originators and lenders should use the same approach when it comes to their websites. Websites should always be evolving to please potential clients and customers alike and increase the overall digital experience for the user. This tactic is especially important for Millennials and Generation Z’s as they are always adopting and researching new trends. 

Similarly to creating a website that is continuously evolving, loan originators and lenders should set up their websites for personalization. The experience a user has on a website should reflect their wants and needs, phase in life, as well as their phase in the buying process. Usually, when consumers are searching for a financial product or service, they visit several websites to check rates, fees, and terms for loans. But when a customer returns to a particular website to look at the home loans offered. Lenders and loan originators should utilize a personalization tool that will automatically adjust the homepage to reflect where the consumer is within the buying cycle. It will also exclude the information the user has already seen. For example, the homepage can list the most up-to-date mortgage offerings. Through personalization, companies can provide consumers with a compelling, relevant, and up-to-date experience that encourages them to take action or to come back again. 

Other simple personalization tactics that work to create a better experience for Millennials and Generation Z are greeting the user by name when they get to a website. Greeting a user will allow the user to feel valued, acknowledged, and important. 

AI technology and machine learning can also be used to personalize a website. For example, a website could have an advisor suggesting specific loans to a client based on data from previous searches or user income. By providing this service, users are more likely to feel supported and convert.

How NestReady Enables Loan Originators and Lenders to Create a Dynamic and Personalized Digital Experience: 

NestReady’s personalized platform puts loan officers at the center of the homebuying process, making the lender the trusted brand for every step in a clients’ journey. The NestReady platform includes customizable and personalized call to actions to help loan originators and lenders capture and convert more leads.

To learn more about NestReady’s tools, reach out to our team here. You can also follow us on Twitter or LinkedIn for product updates, industry news and more.

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