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Unleashing the Power of “Hyper-Relevance” in Mortgage

Hyland digital toolTechnology won’t replace the loan officer, but the loan officer who’s using technology will replace the one who isn’t. We know that thanks to data from Fannie Mae: 72 percent of people prefer to fill out a mortgage application online and 65 percent prefer to have a human explain terms and answer questions. In other words, people want the convenience of tech and the trust of human relationships.

Loan officers should want the same thing. By tapping into the right technology, loan officers can achieve what’s called “hyper-relevance:” the ability to become a trusted advisor by delivering the right message at the right time to the right person via the right channel. The ability, in other words, to win customers for life. Here’s how.

Hyper-Relevance: Beyond Personalization

The term “hyper-relevance” was coined by Accenture to describe the “always-on” attitude companies should take when engaging with customers. And it’s not just an update of “personalization.” Personalization is sending a customer emails on a topic they’ve expressed interest in. Hyper-relevance is deciding what to send based on customers’ life events. Personalization is including a customer’s name in an email. Hyper-relevance is sending information about home equity loans when their oldest child is a senior in high school and they’re likely thinking about how to fund college. When you achieve hyper-relevance, you’re more than a mortgage lender; you become a valued and valuable partner.

Enabling Hyper-Relevance and Humanizing the Customer Journey

You can’t achieve hyper-relevance without gathering a lot of data about your customers’ lives. But you also can’t get there with data alone. To truly humanize your customer journey, you have to collect data on an ongoing basis, share it across your organization, and continually parse it. That’s a tall order – in fact, it’s pretty much impossible without the right technology.

But the right software can break down silos between sales and marketing (and other departments) by providing a single home for all relevant data – from email clicks to in-person conversations – and providing a simple way to funnel that data into hyper-relevant communications.

To make that happen in your organization, it’s essential to get these three things right:

  • Get buy-in from leadership - Without alignment at the top, efforts to coordinate among departments almost always fall short.
  • Choose a tech solution designed for the mortgage industryIf you don’t, the setup required to achieve the operational efficiencies that will really move the needle will take too long.
  • Move past transactional thinking - The most valuable customers are those who return again and again – for life. Use the power of hyper-relevance to become a valued advisor even when you have nothing to sell.
Better Tech, Better Relationships

Technology has the power to make mortgage lenders even better at what they do: build and nurture personal relationships with potential homebuyers. Choosing tech solutions that facilitate this process will enable relationship-building at scale.

About Author: Sue Woodard

Sue Woodward is Chief Customer Officer at Total Expert, the first fully integrated, enterprise-level marketing and sales software solution built specifically for the mortgage and banking industries. Her focus is on helping customers achieve greater productivity and long-term success. With 30 years of industry experience in financial services and mortgage industry, Sue is a subject matter expert, acclaimed speaker, and recipient of numerous industry honors including the NMP Most Powerful Women in Mortgage Banking, the MPA HOT 100 list, the Housing Wire Vanguard Award, and the NMP Most Innovative Award. She also serves on the board of HOPE4Youth, a local non-profit working to end youth homelessness.

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  Editor’s note: this piece originally appeared in the October edition of MReport. The Five ...

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