Video Mortgage Advisors for Today's Digital Customer
The rise of digital mortgages is keeping banking executives up at night. Large banks have lost 52% market share over the last 7 years to online lenders. The consumer lending environment has changed and it’s driven by customer demands for digital experiences, fast responses, and high touch hand holding.
With the average age of home buyers in 2017 at 44 years old and over 50% of today’s home buyers under the age of 36, the new consumer is increasing not decreasing its demands. Branch footprints are smaller and most banks have already centralized their loan officers. This means that most mortgage advisors are talking to customers over phone and email without meeting them “like the old days”.
Interestingly enough, the younger demographic doesn’t want to communicate about their mortgage via email or text, they prefer in-person or phone communications even with an online lender. The only effective way to conduct this handholding is through video mortgage advisors.
With 82% of buyers getting pre-approved for a home, that first contact, whether it’s an online lender, local bank or national bank is critical. The mortgage industry has always been one of the most highly competitive industries. Opposite of your thinking while rates are important, the experience and connection are equally important. Research shows that a national name, a local location don’t rate even close on a “buying” decision as the first impression, being an advisor and ability to work with the buyer.
Video mortgage advisors have proven to increase customer satisfaction, reduce costs and increase close rates. In addition, creating that “first impression” and being able to virtually meet someone vs. the competitor’s phone call, increases close rates dramatically.
One Touch Video Chat’s video mortgage advisor platform provides you everything you need for routing the video calls, providing direct calling to individual loan officers, ability to route between physical and centralized locations and instant customer surveys. Most of all, our video mortgage advisor platform allows you to report and analyze your ROI to see the results in weeks, not months or years.
AREAS OF OPPORTUNITY
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