Digital Agility Has Become a Necessity in Lending


Digital Agility Has Become a Necessity in Lending

digital agility

Digital agility describes the ease with which an organization can rapidly enable, update, change, or adapt their processes. It is a specific type of business agility that encompasses the processes, tools, and software an organization uses to perform basic business functions.

Within lending, digital agility cannot be ignored. It retains loyal customers and equips mortgage businesses to create new products in response to changing times. This includes market conditions, competitive pressure, and consumer expectations. 

Continue reading to learn how digital agility can help loan officers thrive in a fast-paced world.

digital agility

Why is Digital Agility Important?

Especially in a world currently defined by a pandemic, work needs to be flexible. Also, systems should be easily adaptable. This is a time that demands innovative solutions.

Digital agility provides organizations with the power to rapidly develop, test, and launch new systems, processes, and workflows. Using the right tools gives you the power to create solutions. 

So, removing complicated tools, inefficient systems, and clunky software will transform not only the way lenders work, but their level of satisfaction at work as well. Providing teams with the tools they need to get work done efficiently is key to success now and in the future for a mortgage business.

What are the Benefits of Digitally Agile Tools? 

Tools that are digitally agile are easy for all employees to understand and use. At a time like this, you don’t want time-consuming or confusing projects. So, these tools allow employees to be more in control of their work. 

When problems arise, teams are able to respond rapidly, saving time and money. Also, employees are able to make necessary adjustments during the mortgage process. Digitally agile tools make it easy to update processes and optimize them over time to ensure productivity and profitability for your mortgage business. 

How Does This Help Loan Officers?

For mortgage providers, the need for digital tools is pressing. Lenders are grappling with an array of new challenges. Serving customers when face-to-face interactions are not an option can be difficult. 

Also, it is hard to manage centralized teams that are suddenly working remotely, and close deals without in-person meetings. So, gain access to a transformational relationship that supports digital agility. A technology partnership with Jungo can do just that. 

Maximize workforce productivity, cut loan cycle times, boost your volume, and deliver exceptional customer service. 

Focus on Customer Expectations 

Many individual consumers expect businesses to understand their specific needs. Salesforce states that 64% of consumers believe companies should automatically reply to their inquiries. 

So, what does that look like? This includes simplicity, ease of use, efficient processes, and personalized experiences for clients. Also, technology is key in enabling the responsiveness needed to meet these expectations. 

New Technology, New Opportunities 

Countless new technologies, including artificial intelligence and machine learning, predict to redefine the lending space over the next few years. This value is realized in many ways, including higher profit margins and personalization.

Some banks are already utilizing certain machine learning capabilities to detect fraud, provide quick answers to customer queries, and market new offers to customers. To support forward-looking preparedness in advance of relevant and effective technologies, lenders are turning to digital agility.

Accept Change

The accelerating pace of change these days challenges many lenders and mortgage businesses. Even though the financial services industry has historically been slow to change, this is hardly the case currently. Continuous innovation requires you keep up with the new pace.

COVID-19 provided big changes in lenders’ operations. Also, for some, it became clear that they were not as prepared as they may have thought. Many lenders use technologies that helped ease the transition to working from home. Remote customer interactions also work better for those who made the technology jump and implemented these tools.

Currently, in 2020, new technologies come to market faster than ever. So, 70% of financial service leaders have concerns about this accelerated pace. But, lenders can’t afford falling behind, and must move with the tide. 

Let Jungo Work For You

In the consumer experience, digital platforms can set your mortgage business apart from the competition. Enhance your name and brand! Your investment in a digital platform such as Jungo is not only for this year, but years down the road. 

Having a powerful tool at your disposal, like a CRM, provides you with a database and built-in follow up system from lead to close.

After all, the more organized you are, the less stressed you will be. No more worrying whether you remembered to follow-up with a potential client, or if a referral slipped through the cracks.

Jungo’s all-in-one customer relationship management (CRM) and marketing solution provides mortgage and real estate industry professionals with the number one, high-quality mortgage ecosystem. Become a top loan originator and learn more about Jungo today.

Bottom Line

Think of how you, as a loan officer, can increase agility within your organization. After all, evolving consumer expectations, increased competition, and new technologies all contribute to these changes. 

So, setting a foundation of digital agility can help your mortgage business be ready to adapt. Also, it will have you ready for however the mortgage industry reshapes in the future and the speed at which it moves forward. 

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