SoftVu’s Innovation Summit has become a staple for leaders in the mortgage industry. This year’s event continued to offer insightful content, with a focus on innovation, which was reflected in the interactive sessions.
For those who could not attend, we wanted to share some of the highlights and insights that our team came away with from this year’s event:
From the opening keynote session with Bo Fishback of Zaarly to the demos and industry trends sessions, the theme of innovation was apparent throughout the event. The mortgage industry has seen a lot of changes in recent years: from the way that consumers research and select mortgage lenders online to the types of devices that they use.
As Stephen Cooley from Finance of America Reverse shared in the first workshop,”93% of the mortgage buyers journey is started online.” Consumers today, have different expectations from their mortgage providers. Those providers who can meet those expectations will be successful. Finding ways to provide better service for customers, and doing that consistently across all platforms and devices, in a timeframe that accommodates the way customers live today is paramount.
Understanding the actions that precipitated a consumer’s actions requires data. And while most companies have rich demographic data, it is their consumers’ behavioral data that is needed to supplement and inform their analytics. This will allow data scientists to improve their models and provide more accurate analysis and understanding of the consumer journey.
It was mentioned in a number of sessions by a number of speakers, but understanding consumers and the journey that they take as they begin shopping for a mortgage is key to being able to win their business. That is something that we have seen from our own data regarding mortgage consumers.
Driving Competitive Advantage Through Data
In his session, “How Insights Driven Marketers Gain a Competitive Advantage,” Eli Schwarz, Sr. Director of Enterprise Partnerships, Jornaya gave an overview of some of the insights that Jornaya has helped mortgage lenders and brokers uncover regarding their consumers. According to Jornaya’s data, 60% of mortgage consumers who converted to customers visited more than one 3rdparty site before completing a lead form. And even then, most consumers had four touch points before converting to a customer.
As Eli commented after the conference, “Marketers are shifting their thinking. They’re moving beyond a single-track view of the lead on its own – and instead thinking more broadly about the customer’s journey, and how the lead fits in as one touch point and action along that journey. The best marketers we see are figuring out how to use behavioral data to identify the consumers journey stage and determine how to appropriately engage with that individual for the optimal outcome.”