You can just focus on the transaction and have a customer for a day or you can offer so much value – via personalized touchpoints, ongoing education and exceptional customer service – that you gain a customer for life.
But how do you do it? How do you stay on the radar – and on good terms – with your customers for 25 years or more to ensure continued patronage over a lifetime?
The answer is automation.
Automation and Customers for Life
Human relationships are the one constant in today’s digital world. We trust the people we know. We listen to people we like. And we are more apt to do business with companies that have already proven they can deliver.
Even without studies that show a five percent increase in customer retention can increase a company’s profitability by 75 percent, it makes sense for loan officers to nurture relationships with homebuyers. After all, the average American consumer buys five houses over their lifetime.
Marketing automation is the only viable way for loan officers to nurture relationships with their existing customers as they scale their business. In addition to the time and money saved from pesky manual processes, marketing automation empowers loan officers to build trust, personalize interactions and give strategic advice to customers at various stages of the customer life cycle, increasing the total lifetime value of a customer.
With increased focus on the mortgage lending experience, it’s important to consider how your loan officers can leverage marketing automation to modernize the actual loan approval process.
The Fastest Path from Lead to Loan and Beyond
According to recent numbers from Realtor.com, the average loan approval process is approximately 30 days. For some borrowers, particularly ones with a low credit score or debt, the process can easily balloon to 45 or 60 days. Even in best-case scenarios, the process involves a lot of back-and-forth, which can often be time-consuming, confusing and frustrating to say the least.
What happens in worst-case scenarios?
Confusion and communication can disrupt the borrower experience and jeopardize repeat business.
It’s an easy fix that involves the first integration of its kind between two increasingly popular tools among the nation’s top lenders: Blend’s digital mortgage technology and the Total Expert Marketing Operating System® (MOS).
Built to lead the rapidly-evolving digital loan origination landscape, loan officers can leverage the seamless integration to increase transparency and shorten the loan approval process, resulting in greater time and cost efficiencies for loan officers, not to mention informed, satisfied customers.
The integration eliminates redundancy and provides a seamless mortgage lending experience with full visibility across the loan application process. Loan officers can now invite a borrower into a Blend application directly from the Total Expert interface once they are ready to start an application.
Triumphing in the Face of Digital Disruption
Change – digital transformation and the mortgage lending experience – can either be an opportunity or a threat. In order to emerge victorious and create customers for life, organizations must seek out strategic tech partners committed to speed and innovation who can aid them in their quest to realize new ideas and improve existing infrastructure.
Learn more about our partnership with Blend, and discover how and why LendUS, LLC is already leveraging the integration.