Ladies and gentlemen announcing a new group entering the world of demographics; Generation D, the Digital Generation (New Generation).
Maybe, we’ll end up referring to them as the “Digitals”. These include, not just the Millennials, but spans generations to include all who regularly use online services and social media. This group is growing day by day, regardless of age. This is changing the landscape and the way the lending game is played in attempting to attract and service these Digitals.
As a lender, are you prepared to advertise and provide your goods and services online?
Do you offer an online application process with capabilities to communicate and gather information and documentation electronically?
Do you offer an e-closing solution?
Will the traditional LO survive? Will the bulk of loan referrals still come from Realtors, or will these Digitals shop for their homes and loans online, as they do most everything else? Do lenders need to begin cultivating a new breed of loan originator? One that can speak and communicate in today’s “digital” language, making full use of online applications and taking full advantage of social media outlets, to service this group?
Not yet time to panic. These changes will not come overnight but they are coming. Lenders should start exploring their options for how they intend to approach lending to the new Digital generation. They are here now and those who can best service their needs will be the ones who have the best chances of getting their business. Don’t be left standing on the side of the digital highway as others go flying by …
The game is definitely changing so get ready to play differently.