20 days ago · 3 min read
As humans, we are aware that we are quite limited physically. Each of us has got two hands and one brain. There are only so many clients we can serve in a day. With the right tech and team, however, we can think bigger and work from anywhere with almost anyone.
This acute awareness evolved from the bright side of the crushing global pandemic. Brokers were experiencing a mountain of loan applications, so naturally, we needed to figure out ways to simplify the process to cope with this volume. We had to think about how to help borrowers get a mortgage faster and more conveniently.
Here’s why, borrowers appreciate a simpler application process, reduced time to settlement and fewer in-person interactions. Listen to the data: According to CoreLogic, 90% of consumers research online, 76% want to service their mortgage online, 55% expect more from digital experiences post-pandemic and 25% moved on to more progressive companies that meet their digital needs. So that says a lot!
A consistent, digital-first borrowing experience with some elements of human interaction will save us all time and help win over new customers. Just try and prove us wrong.
We believe the rapid technological adoption happening in the finance industry right now deserves our proper attention. So today, we have decided to write down a clear evaluation framework that brokers should look into before adopting new technology and investing in a potentially game-changing system.
A good starting point is to evaluate what you actually do or the services that you provide. What needs do they meet? Which is not performing as planned? How they could be improved and whether you could launch new or complementary products or services? What are your short-term and long-term focuses?
In the business context, get scared about “stasis”. Our industry is fast evolving in the right direction which should prevent you from settling. Applying some of the best technologies out there to your business will carve out a huge competitive advantage.
Do you have the right people to achieve your objectives? Do they know what is expected of them? Do your staff need new or improved skills? Are your staff motivated and satisfied with the current system?
Also don’t forget to evaluate yourself as a leader. How are you ensuring that things are running smoothly for your team? The biggest mistake leaders make is either ‘abdicating’ or ‘micromanaging’. Abdicating is when you hand over a responsibility and disappear assuming it’s getting done. On the other hand, micromanaging is directing every granular task your team does.
You need a good system that allows you to delegate, give clear guidance to your team and know when and how to track their progress. Make sure you do one-on-ones with your team members, performance reviews, emphasise on goal-setting and developing a work culture. Do