Advantages of Adopting Digital Mortgage Solutions for Lenders

What are the advantages of adopting digital mortgage solutions for lenders? First, the process becomes much quicker, even four times faster – this not only improves customer satisfaction but also attracts more customers who prioritize time efficiency. Second, this raises productivity, increasing overall profitability. Third, adopting such solutions reduces the number of errors, especially those related to compliance, which can cause financial backlash. Finally, it helps your bank learn based on feedback and data. Do you want to learn more? Then keep reading! 

The Benefits of Digital Mortgage Platforms

Digitization is almost always an improvement – computers and artificial intelligence are simply better at certain tasks than humans. Therefore, it should not be surprising that there are quite a few advantages of adopting digital mortgage software for banks. What are they? Take a look below.

Customer Satisfaction

Convenience, speed, ease, and personalization – these are the four key elements to improving customer satisfaction. A digital mortgage solution impacts all four, hence its main benefit: elevated customer experience.

  • Convenience – A digital solution like LiveBank enables your customers to use whichever channel they prefer. Moreover, it reduces the need to visit physical branches to an absolute minimum. As a result, your customers will find it significantly more convenient to go through the whole process.
  • Speed – Digital mortgage solutions feature fewer visits to physical branches, faster data processing, document verification, and risk management. According to the Forbes and FreddieMac report, this results in four times faster customer journeys.
  • Ease – What is easier – getting a ton of paperwork to a physical branch (probably taking a day off to go during office hours) or uploading them into a cloud? The latter. And it’s only possible with digital mortgage solutions.
  • Personalization – Using integrated data about each customer, a customer service platform enables you to personalize the style of communication with your customers and understand their needs better, hence resulting in a more custom treatment.

Customer Acquisition

A decision to purchase a home or an apartment is one that requires a lot of time to make. At the same time, when made, the rest needs to be quick – the owner might make up their mind and sell the property cheaper to someone else who does not have to rely on a mortgage. What does this mean in practice?

Customers value mortgage application processing speed, which is higher with digital solutions. As a result, you can use this to your advantage and attract more customers to your bank.

Increased Productivity

Automated processes in digital banking are the key to higher productivity, and digital mortgage solutions such as LiveBank help you automate them. With self-service verification, AI-driven data processing, and document verification, your employees spend less time on each application, hence being able to process more each month. The effects? Your income rises while the operational costs remain at the same level.

Error Elimination

Humans are prone to errors, yet errors in banking may lead to enormous fines. One key benefit of digital mortgage solutions is that they help reduce the number of errors significantly.

Due to the AI-powered, automated document processing systems, you don’t have to rely on your employees for compliance checks and document verification. Instead, the system does that for you and only alerts the employees when there is a potential error (e.g., a non-compliant clause). It’s both faster and better than the traditional approach.

Learning and Improvement

Finally, the last advantage of digital mortgage software is that it can collect and store all the data about each process. As a result, it is easy to analyze, find bottlenecks in the procedures, and improve them.

After all, with one digital procedure, you’ll be able to see what phase of the process causes most customers to abandon their mortgage applications. Or gather all the customer feedback and find the most recurring issues. On the other hand, with traditional processes, the data is scattered across all your branches, so it’s much more difficult to collect it, not to mention analyzing it.

Learn more about customer feedback in digital banking.

The Takeaway

As you can see, digital mortgage software has several powerful advantages. Implementing it will help you take your bank to the next level, elevate customer satisfaction, and optimize related processes. Therefore, do not hesitate to contact us at LiveBank – let’s talk about implementing our digital mortgage platform in your organization.

Did you like this article? Then we also recommend reading our guide on digital mortgage solutions!