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Joe Shalaby
Chief Executive Officer

How Every Loan Officer Can Stay Competitive In The Digital Age

Technological disruption is sweeping through the financial services sector. For Loan Officers wanting to stay ahead of the competition, it pays to learn from the breakthrough companies that have disrupted their respective industries in recent years.

Technology has fundamentally changed customer expectations. The customer is more connected than ever before. Their expectations are being reset by these new companies, new brands, and they are expecting a different experience out of the financial services institutions.

In the age of the iPhone, Netflix and Twitter, customers demand immediate responses. Accustomed to intelligent product recommendations from businesses like Amazon as they shop online, they expect personalized services whether when buying clothing or even taking out a loan.

They are looking for their bank and their mortgage advisor, to really understand who they are, to really help them achieve their personal goals.

So, how can you apply these concepts to your origination business?

Engage In Social

Social media is a great way to respond to customers’ desire for both immediate responses and personalized service.

When customers post on LinkedIn or Facebook, don’t be afraid to respond with useful information, but resist the temptation to rush in with a hard sell. First, share valuable, relevant and timely information with your customer to build trust.

Know Your Customer

It’s also more important than ever for LO’s to get to know as much as they can about their customers.

In the digital age, the opportunity to collect and analyze data is more powerful than ever. By using technology to gather as much information on your customer, or your lead, you can better understand their broader goals.

Information can come from a wide range of sources, from social media to the documentation your customer completed last time they purchased a mortgage through you. Your CRM system also represents a wealth of opportunities for collecting data.

It’s recommended to review this information before you engage with your customer whether online or in person, to ensure you talk in the language of the customer and make the conversation personal.

Think of it this way… People don’t buy mortgages. They buy homes. If we put the customer truly at the centre of what we do, that changes the way we engage.

‍‍Keep Your Eyes On The End Goal

Focus on helping your customers achieve their broader goals.

Look at the immediate goal, such as buying a home or investment property. Set your sights beyond the bigger picture, which is their broader life goals.

Perhaps the customer wants to not only buy a home, but would also like to take a holiday twice a year. If you don’t have all the answers or products your customer needs to achieve their overall goal, recommend someone who can. This can be a great way to strengthen your client relationships.

Credit: Rohit Mahna

Joe Shalaby

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