In the past, the majority of mortgage professionals have been using antiquated technology to provide a service that has rapidly become more complicated. But now, all this is changing as the industry begins to adopt new technology designed specifically for their needs.
The initial implementation of a modernized POS system can be challenging and time-consuming, but it’s well worth the effort. With the right provider, you can improve your company’s efficiency and effectiveness, resulting in improved customer satisfaction and increased ROI.
Here are 5 benefits of having a modernized POS system for your mortgage business:
1. Increase Customer Satisfaction
In a 2019 survey involving 1200 residential mortgage buyers, McKinsey & Company found that mortgage lenders have plenty of room if they are interested in improving customer satisfaction.
One of the best ways to do that is by creating a more personalized experience with the help of an updated mortgage POS system from a reliable company like SimpleNexus.
What’s more, with new technology, it’s easier than ever to enhance professionalism and quality. The right platform for your business will up your game, allowing you to deliver better service than ever before – helping you win over customers and lead the industry.
2. Better Control Over Data
A modernized POS system puts you in control of your data, making it easy to access the information that matters without the need for manual continuation. With a centralized view of customer transactions across all channels, you’ll be able to build strong relationships with customers while improving decision-making and increasing ROI. You can also run reports on-demand, allowing you to manage both individual customers and the overall loan portfolio.
3. Reduce Loan Closing Times
With the right technology, you can reduce closing times by leveraging automation. For example, if you were using an automated valuation model (AVM) to appraise properties, then the definitive property value would be automatically included in your initial mortgage offer. That could save you hours of manual data entry.
The even bigger benefit is that modernized POS systems give you the tools and technology needed to speed up processing and reduce errors. With streamlined workflows, your staff will spend less time trying to find information and more time on higher-value activities like customer service. This allows for an improved workflow that speeds up the entire loan process for faster results.
4. Reduce Costs
Although modernized systems are more expensive than their outdated counterparts, the ROI makes it well worth it. Right away, you’ll be able to eliminate manual data entry and reduce errors by streamlining workflows.
This results in savings on operational costs like loan officers’ time, which can be better spent doing other things like selling products and services to generate greater revenue. In some cases, you may be able to eliminate the need to hire extra staff for your loan servicing. You also get to save a significant amount as a result of reducing your usage of paper products.
As if that is not enough, you won’t have to deal with the expenses of running an old system. With higher software licensing fees, maintenance contracts, and ever-rising power bills for server racks, an outdated POS system can quickly eat away at your company’s profits.
5. Better Security
With the advent of data breaches that have compromised customer information, it has never been more important to ensure that your company’s data is safe.
It goes without saying that shielding data from breaches is the responsibility of your entire business. However, an updated mortgage POS system can give you peace of mind in knowing that your customers’ information is better protected as opposed to when you use an outdated POS.
A modernized system offers full encryption using industry-standard protocols for both online and mobile channels.
In a Nutshell
Having a modernized POS system can help you to improve your business in various ways.
So, if you are looking for an opportunity to enhance customer satisfaction, cut costs, and improve security in your business, then it’s time to invest in a modernized mortgage POS system.