By John Wines, Chief Strategy Officer at Atlantic Bay Mortgage Group
The mortgage industry has undergone a technological transformation. To succeed in the digital age, it is essential to understand and harness emerging technologies. If a company doesn’t embrace this mindset, it runs the risk of falling into obscurity and irrelevance. Leveraging a wide breadth of technology can increase sales success and ensure that the borrower process is enhanced. Implementing a strong tech stack not only better supports the customer but also frees up more time for the lender to connect more authentically with their clients.
Why is Technology Important?
The new generation aging into homeownership is more tech savvy than previous generations. They want instant results and a more tailored customer service experience. To meet these elevated demands and maintain a competitive edge, companies must prioritize innovation. Tech stacks enable loan officers to streamline the customer experience, optimize data-driven decision making, personalize client engagement, and more effectively educate consumers.
Technology allows access to real-time data that can help build out a comprehensive sales strategy and can be harnessed for a wide variety of purposes and services—from customer relationship management (CRM) software and asset verification systems to Chatbots and artificial intelligence. If used strategically, these tools can set companies up for long-term success.
Customer Relationship Management Software
At Atlantic Bay, we use CRM software to streamline the lending process and automate repetitive tasks, giving time back to the sales team to focus on strengthening customer relationships. With enhanced data analytics and segmentation features, our CRM empowers the sales team to quickly assess their database and identify high-potential leads and opportunities for personalized outreach. By maximizing the efficiency of lead conversion through tailored campaigns and timely follow-ups, we not only boost sales potential but also deepen our connection with clients through relevant, needs-based engagement.
Point of Sale
In addition to CRM software, Atlantic Bay uses a Point-of-Sale system, which provides borrowers with an easy-to-navigate platform for submitting loan applications and tracking their progress. Other tools used to enhance transparency and create a seamless experience for borrowers include our income verification provider, which optimizes the collection of income documentation directly from employers, and our asset verification tool, which ensures that Atlantic Bay can quickly and securely gather asset information for verification. Together, these tools streamline the transfer of paperwork, increase data accuracy and enhance the borrowing journey.
Automated Bots
Internally, Atlantic Bay has been hard at work in creating a state-of-the-art Chatbot to serve as a virtual assistant for our employees. The Chatbot can swiftly access essential mortgage guidelines and company policy and procedures, while also supporting loan officers in managing their loan pipeline and freeing up their time to offer clients a more personalized experience. We also leverage other bots throughout our processes to automate routine tasks, freeing up time for team members to drive more meaningful results for the company and our clients.
Effectively Integrating Technology
One challenge that companies face with technology is how to effectively integrate technology into their existing workflow. With a focused plan, companies can implement and harness technology successfully:
Communicate the benefits—help your employees understand the long-term value of implementing the technology. Buy-in from the top-down is the only way to effectively integrate new tools: middle management will struggle with inspiring use if their leaders fail to implement.
Training and education—provide ongoing training and education materials to optimize tool usage. To keep current employees sharp, offer trainings year-round and in a digital format that is easily accessible. For new employees, offer strong support during onboarding to ensure they are well-equipped to hit the ground running.
Partner with vendors—collaborate with your vendors to ensure seamless integration. This can also give your company an inside track on sharing feedback directly with the creator to optimize future tools.
Start with scalable solutions—every company is a different size and technology tools are often scalable to best fit the needs of each organization. Be proactive in gathering feedback from partners, customers and employees to find the solution that makes the most sense.
Technology is essential for maintaining a competitive edge and delivering an effective and personalized experience to customers. Technology should never replace customer relationships, it should be used as a tool to enhance them. By embracing innovative solutions, industry leaders will be more equipped to facilitate smooth and informed homeownership journeys.