Here’s an article I came across highlighting the benefits of being technically prepared to service the home financing (and other) needs of the digital generations (Tech Ready?). This provides some good information and insight. The game is changing and as a lender you need to be prepared to play different.
The homebuyer of the future, and not just the Millennials, will do the bulk of their shopping, buying and financing online. These digitals, as they are becoming known, want immediate access to information on their schedule and timetable. They want it at their fingertips via smart phones, iPads, Note Books or Laptops.
To service these clients, a lender needs to offer a hybrid process of providing information and access on line while still supplying personal service and assistance when needed. The loan originator of tomorrow (and today) must be connected on line at every level of social media with the capability and knowledge to respond quickly to inquiries and questions on line.
No longer will applicants want to take 2 or more hours to sit through a loan application. Although this process is extremely important to the lender, to the consumer it should be done quickly, on line, at their convenience.
Challenged with this task, lenders need to have systems that can be accessed through online apps, and that also provide important instructions for what information and supporting documentation is needed to accompany the application process. The lender must have the system capability to quickly identify when they have, what is determined by law, to be an application. This should provide the consumer, in a timely manner, with all related required disclosures, electronically.
Does this mean that personal, hands on, one to one service will become a thing of the past? I don’t think so. Although the digital consumer wants just about everything online, when they do contact a service provider they expect to speak with a live person who can answer their questions. Whether their questions are about the technology, process or product, the service provider better solve their problems or at least point them in the right direction.
I remember sitting, watching football on Thanksgiving Day last year while my son (age 38) was on the phone, and online, giving some Samsung rep the dickens of a time about some problems he was having with the picture quality of his new HD TV.
First, he went on line to troubleshoot and get all the specs and then to the phone to battle it out with online tech support; all on Thanksgiving. It all worked out in the end. Thank goodness someone was available on a holiday. He has even purchased another Samsung TV since. I guess he was satisfied with the service and product.
This is how it is with the digitals. No more waiting for information or application. You must be capable and prepared to take new loan applications and provide information and service about your products and processes on line, in real time. Otherwise, you might not get the chance.