Digital transformation is the shining light in the future of our finance industry and is taking mortgage broking businesses to new heights.
In my position of mentoring mortgage brokers, I have definitely seen that mortgage broker-customer relationships have been strengthened by the COVID-19 pandemic, as Australians look to mortgage brokers to help them navigate the unpredictable and confusing credit landscape.
The new normal is proving to be a very interesting space for everyone worldwide. Social distancing measures and enforced lockdowns intended to “flatten the curve” have also empowered mortgage brokers to find new ways of staying connected with their customers.
Enforced digital adoption
In my opinion, one of the most significant and positive outcomes has been the rapid adoption of digital tools among mortgage brokers, consumers and businesses.
Innovative mortgage brokers are discovering that when it comes to maintaining customer relationships, the highest levels of customer service and efficiency come from being digitally connected.
Working from home has become the new “business as usual”. This has changed the way we communicate and is rapidly reshaping the way we do business. For instance, videoconferencing and digital meetings now play a vital role in our day-to-day lives.
Banks forced to introduce digital processes
Banks are working hard to digitise the home lending process, enabling a smoother and more efficient customer experience. They have been forced to invest in digitising their processes with the introduction of digital end-to-end mortgages which eliminates lengthy postal waiting times and delivers a simpler, faster customer experience.
Banks have been forced to allow mortgage brokers to digitally capture and verify customer ID, use digital document uploads and digitally sign upfront loan documents.
Digitally powered relationships
Brokers are integrating digital tools within their business processes, including electronic interviews, e-signatures and digital documentation to drive more efficient customer service and enable remote working.
At the same time, customer behaviours and confidence in using digital tools to search, purchase and apply for services are on the rise. Recent reports show that few Australians want life to return exactly how it was before COVID-19, with approximately 20 per cent stating they no longer want face-to-face meetings.
While technology will never replace the essential face-to-face role of a mortgage broker, it will drive efficiency and help mortgage brokers continue to provide a better customer experience through faster service.
I believe the mortgage broker industry will adapt and survive as we have done time and time again. Most certainly, the heart of the mortgage broker proposition will increase as mortgage brokers continue to be close to their customers, taking time to understand their unique circumstances and working together to provide the right solution for them.
If you need more information about becoming a mortgage broker and need an inspiring mortgage broker mentor, look at Sue Hayter’s exciting website www.melbournemortgagebrokermentor.com.au