Most mortgage lenders outsource critical operations to technology companies to reduce costs, mitigate risk, or find specialized skillsets not staffed in-house.
But recent, rapid changes in consumer behavior and expectations are incenting lenders to turn to technology companies for a much bigger expectation: the latest and greatest tech-enabled borrower-engagement tactics for a highly competitive purchase market.
Lenders turn to tech companies because they need to differentiate themselves from their competition in the experience provided to consumers. Due to the scale and data-driven automation required to develop customers for life in mortgage, lenders need true partnership with their technology provider for the experience, skillsets, training, support, and innovative prowess that will accelerate them to the leading edge.
Unfortunately, some mortgage marketers and leaders may not have had a great experience working with some tech companies. You’ve probably received many promises from tech companies in the past—some, or even many, of which failed to materialize in the differentiation or measurable business and process improvements you were promised. Yet you may not have much of a choice, it’s not until after you’re through onboarding that you really see how a company works with its customers.
But all is not lost. Despite an accelerated pace of change and fierce competition, there are ways to identify the “right” tech partners—the ones that will do what they say they will when it comes to helping you attract and increase engagement with borrowers.
Read our article for three ways you can identify “The Right Tech Partner for Innovation” in mortgage lending.