Technology has transformed the way consumers do business in the U.S. and throughout the world, supporting more customer-centric, streamlined processes that most consumers have readily embraced. With technology, today’s consumers have faster access to more products, enabling them to tailor their customer journeys not only to their needs, but to their own scheduled as well. Not surprisingly, businesses that have responded to these shifts have seen their market shares soar, while companies that lag behind find themselves in the unenviable position of playing “catch-up” with their competitors.
Fortunately, creating a roadmap to success doesn’t require a degree in rocket science; but you do need to understand how FinTech tools are shaping the market — and loan officers can use FinTech to help your credit union grow and thrive, too.
Loan Originators Expanding Channels
Cross-channel advertising can be a good way for loan officers to capture more people in more places. In cross-channel, credit unions use a combination of marketing strategies, including organic search and paid advertising, to increase their presence, specifically on the sites and platforms their customers use the most. Today, there are a number of platforms and services that let lenders identify where their customers spend most of their time online for targeted campaigns that cut down on wasted revenue.
Mortgage Lenders Utilize Live Chat
Everyone likes to get quick answers to their questions and concerns. But with the evolution of tech-at-your-fingertips, today's consumers (especially younger consumers) are accustomed to getting those answers at lightning-quick speed. There was a day when fast responses put you ahead of the pack; today, savvy loan officers need to offer that level of responsiveness just to stay competitive. Still, even though banking customers expect that same level of responsiveness, data show only about a third of lenders offer live chat as an option on their website. Not sure how to implement it? As with most FinTech solutions, there are services and platforms that can do it for you, sometimes with just a simple plug-in designed to wok with your existing website.
Create Content to Engage
Since so much banking is done online, every bank and credit union needs to have a strong online presence. Most mortgage lenders think that means all they need is a website that’s attractive and easy to navigate. But for today's loan officers, having a really strong online presence also means having an active presence on social media and offering a blog that’s chock-full of information and insights your customers want and need to help them thrive financially at every stage of their life. Using analytics can help you zero-in on the content types and topics that are most important, helping you build your brand and establish trust among your customers.
Mortgage Lenders Don’t Lose Sight of the Customer
FinTech offers lots of bells and whistles for mortgage marketing, and many of them can be very useful. But in the end, no matter how much tech you use for your marketing and product offerings, it all boils down to this: Are your customers happy? And that’s where a local or regional bank or credit union has a big advantage over larger corporate banking institutions. Credit unions, for example, exist for the sole purpose of serving their members. That means a credit union can focus its energies (and its resources) on providing the key products and features that are most important to those members.
Mortgage Lead Generation - Increase Customer Engagement, Satisfaction with NestReady
NestReady is a fully scalable mortgage marketing and mortgage leads generation platform designed to capture real-time data and offer in-depth insights into your customers’ needs and habits. By linking homebuyers, loan officers and real estate tools and agents, NestReady’s platform helps you give your customers what they want, with seamless implementation that makes integration easy, no matter how big or how small your institution may be.