Leveraging mobile technology makes life easier, no doubt about that. In the mortgage industry, having mobile apps for lenders is becoming more of a requirement than an option.
Mortgage solutions that have mobile app capabilities allow lenders to streamline their day-to-day operations, and provide better customer service in the process. When you use mortgage software with a mobile app, it becomes easier to track, manage and approve loans remotely.
As you can expect, there are endless reasons why lenders should leverage mobile apps in their solutions, but here are the top seven benefits:
1. Increased Efficiency Within the Organization
Mobile apps provide lenders with a real-time view of their loan portfolio and its performance, enabling them to quickly make decisions, approve loans faster and reduce bottlenecks.
With an intuitively designed app that is easy to use, lenders can effectively manage their workflow from anywhere.
2. Better Customer Service
Mobile apps give lenders the ability to quickly respond to customer queries, provide real-time updates on loan applications and track loan statuses from their phones.
With mobile-enhanced mortgage software, lenders can also provide customers with additional resources and educational materials. Overall, customer service will benefit greatly from a mobile app.
3. Serve the right audience
There is enough proof to show that mobile apps are a highly preferred medium when consumers have to engage with their favourite products and services. The audience that prefers mobile apps over other solutions is growing larger and includes individuals who are looking to buy homes.
By leveraging mortgage software with a mobile app, lenders can better serve their target market and provide them with a seamless experience.
4. Expand your reach
The common misconception is that mobile apps are only popular with a certain generation of users. But a study done in 2017 showed that approximately 74% of users in the 50-64 age group are regular smartphone users.
And it’s not only different generations that you are looking out for here. With a mobile app, you can also access customers who are located in remote areas and unable to visit your office.
5. Faster Loan Approvals
With mobile apps, lenders can quickly approve loan applications in real time. This means customers can expect faster response times on loan approval and have their documents processed in no time.
This also helps lenders save money as they don’t need to invest in expensive paperwork processing software or hire additional staff to manage the process.
6. Improved Security
Not to say that desktop applications lack security, but having a mobile app installed on a device adds an extra layer of protection. Mobile devices are also much less vulnerable to cyber attacks as they often use different encryption protocols and provide unique user authentication features.
You can rest assured that your data is secure and safe from potential cyber criminals.
7. Increase referral rates
When lenders give their customers the convenience of accessing their services on their phones, it makes them more likely to refer others to them.
Word-of-mouth advertising is still one of the most effective ways to advertise and promote your services, and with a mobile app, you can encourage more referrals.
8. Cost Savings
Using mortgage software with a mobile app helps lenders reduce their costs significantly. Not only do they save money on paperwork and personnel processing, but they also don’t have to invest in buying expensive hardware or software for their loan management solution.
Mortgage software with a mobile app is a great way for lenders to reduce costs, increase efficiency, and improve customer service. From faster loan approvals to better decision-making capabilities, there are many advantages to leveraging a mobile app for mortgage lenders.
In the end, incorporating mobile functionality into your mortgage solutions will help you serve your customers better and build a more successful business.