Innovative approaches have emerged due to an increasingly digitalized environment, simplifying operations for everyone, including mortgage lenders. However, how lenders can gauge the success of their fintech solutions and what they can do to keep up with the digital mortgage revolution is a great question and one that many lenders have recently been considering as the market has changed, bringing less volume but more time to think about efficiencies and productivity.
Smart lenders are embracing the technologies that will benefit them on several fronts, generating more leads and relationships with real estate agents, increasing pull-through to concluded transactions, and saving time. How therefore do these shrewd lenders assess the efficiency of their technological foundation? They are not mired in tracking log-ins since they assess actual business outcomes and impacts. The appropriate questions to ask about each technology you are assessing to gauge effectiveness are listed below:
- Do my sales and marketing revenue generators anticipate using this technology?
- Will it aid me in attracting reliable producers to my company and helping me keep them?
- Does the automation enable revenue creators to work faster and more efficiently exist?
- Is intelligence capable of bringing to light opportunities that might have otherwise been lost?
- Are these metrics assisting my leadership in gauging productivity so they can coach more successfully and make wiser decisions?
- Will it enable me to automate previously laborious tasks and so save us money?
- Is this defending me against a legitimate business risk?
- Does it improve customer experience and encourage return and referral business?
- Does it enhance the partnership between real estate agents?
These and many others are the metrics for success used by lenders nowadays to measure the efficiency of their tech solutions. To read more about this, click here.
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