These days, savvy businesses everywhere are touting the benefit of real-time analytics, and so should mortgage companies. Real-time analytics help mortgage companies increase efficiency, provide better customer experiences, and gain valuable information about business processes, marketing, customer relations, and more.
Efficiency is defined through analytics. Without a real-time analysis of your credit union's current mortgage software, you have no capability to study loan officer's, employee's, and customer's efficiency. Real-time analytics enables a system of full accountability to plan, record activities, and review successes on a regular basis. Because of real-time analytics’ immediate report generation, the reporting mechanism itself becomes an essential part of your accountability processes.
Efficiency requires accurate information across the board. A good real-time analytics system uses metadata from your various management software systems to give you an accurate picture of the health of your mortgage systems. Rather than having to run disparate reports from various systems, you have the information necessary to accurately and swiftly assess the state of your business. This is one of the reasons that the Credit Union Mortgage Association uses our MortgageExchange software to manage their Accenture Mortgage Cadence system.
Provide Better Customer Experience
Customer experience is determined by the speed with which loan officers can access information and make informed decisions. Without real-time analytics, potential business and residential customers may have to wait days for a response to come back about their financing. While the paperwork may still take time to process, real-time analytics allows your loan officers and customer service representatives to deal with customers with confidence and provide them with the best possible experience.
Rather than bringing your customers into a system that feels bureaucratic and overwhelming, use real-time analytics to empower your team members to accurately assess whether the customer is a qualified prospect and then walk through the entire mortgage process with them. This will turn the mortgage process into a clear path, where your employees are seen as essential assets for the stressful process of purchasing real estate.
Maintain Systematic Information
A credit union's mortgage processing is often seen as an intangible aspect of the business. It is hard to walk into an office and see how many customers you have, who is paying on-time, how your loan officers are doing in the field, or any other aspects of your mortgage business. With real-time analytics, you can begin to track all the processes involved in running your company.
Systematic information includes information concerning your customers, your employees, your investors, and creditors and governmental agencies. All these interested parties have a right to know certain specific information about your business. Each of these parties will benefit from access to real-time analytics that is tailored to their needs. In turn, this will help you understand your own business systems and exceed customer expectations.
With the right analytics on hand, you can make informed business planning decisions, capital expenditures, and marketing decisions. Without the right analytics, your decisionmaking will be limited to your experience, and in the changing world of modern finance, it makes sense to keep as much information on the table as possible.
The benefits of real-time analytics can help build the foundation of your business; without analysis you cannot make accurate decisions. With great information and data, presented in an understandable format in real-time, you are setup to make informed decisions in every level of your business, whether at the level of your customers, your financing, or in your boardroom.
Access Business Technologies offers comprehensive cloud-based mortgage solutions designed specifically for mortgage institutions. For more information concerning analytics, data management, mortgage management software, and other solutions, please contact us today.
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