Understanding Digital Mortgage Solutions: A Comprehensive Guide

Digital mortgage solutions are the future of banking – they make managing the process significantly easier and quicker. Industry reports show that implementing them can translate to four times shorter customer journey lengths. Keeping everything digitized makes managing data much easier, and adding AI to the mix helps cut out potential human errors and keep all the documents compliant. Do you wish to learn more? Then, we invite you to read our guide to digital mortgage solutions.


What Are Digital Mortgage Solutions?

Digital mortgage solutions is a term used to describe software designed to streamline the mortgage process. Such programs may help in a plethora of key areas, such us:

  • Customer identification – A digital platform may include eKYC functionalities, cutting down visits to physical branches to a minimum. For example, our LiveBank platform uses biometrics for digital identity verification, making the onboarding process much more pleasurable for your customers.
  • Document upload and verification – Another important feature of digital mortgage solutions that we need to mention in our guide is their capability to scan documents, upload and verify them.
  • Data integration and multi-channel communication – Such platforms typically enable you to integrate mortgage-related data from different sources, letting your customers choose the most optimal channel for every encounter with your agents.
  • Data analytics – These platforms frequently include AI-powered analytical tools that help you evaluate the processes and, hence, improve them.
  • Electronic signatures – They also enable your customers to sign documents remotely.

The Advantages of Digital Mortgage Solutions

What are the benefits of digital mortgage platforms? Let’s take a brief look at them.

  • Improved customer satisfaction – Achieved with a faster customer journey, optichannel approach, and personalized (based on collected data) customer service.
  • Compliance – Achieved with document-scanning systems that alert the agents if a particular clause is suspected to be non-compliant.
  • Increased revenue – Achieved with faster processes (hence improved productivity) and a lower number of compliance-related fines.
  • Better data quality – Achieved with data integration.
  • Informed decisions – Achieved with AI-powered analytics.

Why Do Digital Mortgage Solutions Matter?

The whole mortgage process is lengthy and stressful for your customers. How you handle it impacts their future decisions – whether they become clients or start paying off the mortgage while getting other services from your competing banks. This is why you need to ensure that the experience is as positive as possible.

Implementing digital mortgage solutions is the key to alleviating this stress and turning the process into a positive experience. According to the Forbes and FreddieMac report, digitalization reduces the length of customer journeys by four times – you take out ¾ of the stress right away. Additionally, by handling the process remotely, you let your customers choose convenience, which is soothing when waiting for the decision. What is the outcome of this?

The customer remembers your loan process as pleasurable, especially if they can compare it with other, non-digitized ones. As a result, they are more likely to opt for your other products, e.g., open an account at your bank. In the end, you have higher chances of turning your one-off mortgage customer into a permanent client.

LiveBank – A Digital Mortgage Solution Tailored to Your Needs

Understanding the importance of digital mortgage processes, you know what you need – an excellent platform that will take your organization from the era of paper to the era of computers. A solution like our platform – LiveBank.

Our digital mortgage software offers you a plethora of functions, such as:

  • Lead management,
  • meeting management,
  • digital onboarding (eKYC),
  • data integration,
  • multi-channel communication,
  • document management,
  • team management,
  • document verification,
  • feedback analysis,
  • robust, cloud-based security.

With our platform, you can manage the whole process end-to-end, ensuring that even the smallest steps are optimized. Elevate your customer satisfaction, and choose LiveBank!

The Takeaway

As you can see in our digital mortgage solutions guide, such platforms come with a plethora of benefits that you can turn into your competitive advantage. Therefore, you should not hesitate to digitize your lending process – it’s the future of banking, so the sooner you embrace it, the better.

You might also be interested in reading: Managing Customer Expectations in the Era of Digital Banking