3 Scalable Best Practices To Drive Sales Efficiencies for Loan Officers

When business is booming, it’s easy to fall into a near-sighted pattern and sacrifice the fundamental building blocks of a scalable, profitable business for volume.  

But there’s a human element involved in serving customers, which is especially difficult in these unprecedented times. As a result, you can only add so much to your pipeline at any given time before maxing out. Luckily, technological advances have made it possible for lenders to be more efficient, capture more opportunities, and boost customer loyalty. 

With that in mind, here are 3 scalable technology best practices you can use to drive efficiencies and enhance the digital customer experience to maximize your profitability. 

1. Plan for Technology Integration from the Start

The success (or failure) of your technology initiatives depends on the effectiveness of your company’s change management strategies. As you refine your technology and make decisions, meet early and often as a team to discuss business requirements and other key considerations. Always consider how a new solution will affect your existing ecosystem as well as the team you will task with supporting it. Adopting this approach helps a company drive more value from its technology investments while increasing adoption rates and, ultimately, ROI.

Get more actionable tips on driving sales efficiencies with technology to maximize profitability from Motto Mortgage and Total Expert. WATCH THE WEBINAR REPLAY >>>  

2. Offload Manual Tasks that Slow Loan Officers

The coronavirus outbreak is taxing an industry that was already operating at capacity. Even with plans to hire more loan officers, lenders must find ways to stretch the capacity of each individual loan officer. Finding ways to automate manual effort is not only the key to closing more loans, but closing them faster. Start small – take time to pinpoint major drains on your teams’ time, such as: 

  • Putting invites on calendars. 
  • Creating task reminders for themselves. 
  • Jotting things down in a notebook or a spreadsheet. 
  • Sending out routine emails to individual prospects or customers. 

Find ways to leverage technology to remind them to do these things, or in an ideal world, leverage tech to do these tasks for them. With less administrative work to take care of, they’ll have more time to focus on closing more loans. 

3. Match Your Marketing to Customers’ Needs

In the attention economy, where people are narrowly focused on what’s right in front of them, it can be hard to break through the noise. There is a big advantage to matching a customer’s specific needs to the messaging they receive from your brand. Especially if you’re trying to grow customers into customers for life. In order to glean actionable data insights, which is key to delivering customers the right message at the right time, centralized data is required. 

Technology plays a vital role in your ability to centralize the data you capture about your customers so you can use it to deepen customer relationships. Unfortunately, due to disjointed systems and offline documents, many loan officers bear the burden of having to remember to manually move communication forward. Once you can glean meaningful data insights about your customers from a single location, you can nurture them with relevant content and empower your loan officers to spend their time doing things only they can do. 

Improve Efficiencies and Experience with Technology 

Beyond the immediate fallout of the crisis, it has become clear that COVID-19 is radically accelerating the digital future. Customers will find a way to meet their needs digitally – one way or another – presenting you with an opportunity. Those who adopt innovative technologies that drive efficiencies while simultaneously delivering a seamless customer experience will not only weather this challenging situation but be stronger for it, too.