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Hybrid journeys: How to use tech to build lasting relationships with your borrowers?

Innovation
Conversion
At Oper, we have spent years on perfecting digital mortgage journeys. Technology and innovation are at the heart of our approach but we see that when it comes to high-trust products like mortgages, a human in the loop remains essential to have a converting mortgage business.
By 
Natalia Slota
April 23, 2024
TABLE OF CONTENTS

In home financing, where processes are complex and the decision to buy a house can be one of the most important life choices for the borrower, the need for personal advisory and trust remain paramount. Despite the rise of platforms that promise quick approvals and automated advice, many borrowers still seek the reassurance of a human advisor. The advisor can not only guide them through the complexities of loan options but also provide personalized advice based on the borrower’s unique financial situation and future goals. As a result, while fintech innovations continue to reshape the mortgage industry, lenders who combine cutting-edge technology with a strong focus on human-centric customer service are likely to stand out in this competitive landscape.

We are navigating this change by pioneering a hybrid journey which works opti-channel in mortgage lending. This approach isn't just about leveraging technology to make things faster and more efficient; it's about deepening the personal connection between borrowers and loan advisors. By blending cutting-edge tech with the personal insight of human interaction, we're creating a mortgage experience that's not only efficient but also meaningful and reassuring for everyone involved.

So how to utilise technology to provide successful hybrid journeys for your prospective borrowers? Let’s dive into the process:

The Onset of the Journey: Mortgage Scenario Check

The first step towards homeownership begins with understanding what one can afford. In the initial stages the borrowers face substantial anxiety resulted from the uncertainty and ambiguity of the process. The borrower typically wants to answer questions such as:

  1. How much can I comfortably afford to borrow?
  2. Can I afford this specific property?
  3. Will the bank support my loan application?
  4. What is the process to apply for a mortgage loan?

At Oper, borrowers can get answers to these questions in detail and depending on their comfort levels with online tools they have two main pathways to gain insights:

  1. Self-Service Simulation via the Oper Borrower Portal: Borrowers can navigate our advanced mortgage calculator, a tool designed to go beyond the basics often found online. It allows users to calculate crucial financial ratios such as Debt-to-Income (DTI) and Loan-to-Value (LTV), among other important metrics. The tool aims at answering the key question “how much can I really afford?” but it does not stop there. Borrowers can also ask for a recommendation of financial plan that introduces them to the important aspects of mortgage such as Debt to Income (DTI). In simple terms, it tells the borrower if they can afford the monthly instalments given their current income and liabilities. For those needing assistance, a simple request for a call back from one of the loan advisors ensures guided support through the process, ensuring a smooth experience. It's noteworthy that the Borrower Portal is white-labeled, integrating seamlessly with the lender's branding for a consistent user experience.

  1. Advisor-Guided Experience: Those who seek a more personalized approach can go to the bank branch or have a call to discuss the process with the loan advisor directly. The consultant will all the relevant questions and complete the mortgage simulation for the borrowers via the lender-facing Oper’s Advisory Portal. Apart from the simulation tools, advisors can oversee all client requests via a comprehensive dashboard, enhancing efficiency and allowing more time for personalized advisory.

In essence, each simulation opens the door to a conversation with an advisor, merging the efficiency of technology with the personalized guidance only a human can provide.

Deep Dive: Analyzing Financial Options

Following the simulation, the journey explores the specifics of financial options available. This phase illustrates the hybrid model's strength, integrating cutting-edge data analytics to sift through myriad financing solutions, identifying the most suitable for the borrower's profile. Advisors, armed with this data, can then explain the complex financial options for the borrower. This step makes complex financial decisions manageable and informed, reducing stress and building trust.

The Hard Decision: Selecting the Right Financing Solution

Selecting a financial solution is a turning point moment for borrowers. In a truly hybrid experience, technology smoothly gives way to personalized advice. The preliminary analysis done by advanced tech allows advisors to concentrate on what really matters – the borrower's goals and concerns. This ensures that the chosen mortgage isn't just financially optimal but is aligned with the borrower's life journey.

Enhancing Transparency and Efficiency through Paperless Processes

The current shift towards paperless processes is not just a trend but a significant progress towards sustainability and efficiency. At Oper, we fully integrate paperless features so borrowers and advisors can upload and manage all necessary documents digitally, drastically reducing the need for physical paperwork. The upload and download capabilities ensure that the process is not only faster but also secured with the highest standards of data protection.

Additionally, borrowers can view their application status, monitor updates, and access their loan information at any time, giving them complete control over their mortgage journey as well as improved transparency, which contributes to higher borrower satisfaction.

The Role of Oper: Facilitating the Hybrid Journey

At Oper, we understand that the essence of a great mortgage experience lies in the balance between efficient technology and genuine human connection. Our platform is designed to take on the heavy lifting – dealing with the complexities and redundancies of the mortgage process, enabling advisors to dedicate their time to what they do best: providing expert, personal guidance.

Oper acts as a silent powerhouse, operating in the background to streamline the process, while also ensuring transparency and ease of access for borrowers. This approach not only meets but exceeds the expectations of a generation that values digital efficiency as much as meaningful human interaction.

Crafting Meaningful Hybrid Experiences

Creating remarkable hybrid mortgage experiences requires a redefinition of the journey itself. By intertwining the strengths of technology with the irreplaceable value of human advice, we pave the way for more informed, confident, and satisfied homeowners.

In an era where digital innovation is often celebrated for its speed and efficiency, we should remember that the heart of mortgage lending lies in the relationships built along the way. With Oper's hybrid approach, lenders are not just facilitating transactions; they're nurturing lifelong partnerships. This is the future of mortgage lending – a future where technology and human connection meet to create journeys that are as meaningful as the homes they help to secure.

Want to learn more about how Oper can streamline your processes while enhancing the borrower-lender relationship? Book a demo with us today:

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