Check out this new Coffee with Carrie Vlog – Millennial Mortgages: Customer Experience Wins Loans.
It’s no wonder that digital is winning in the Millennial Mortgages loan category. Digital natives are a growing segment of the home buying market with the median age of homebuyers at 44 years old. Buyers 36 years old and younger are 66% of first-time home buyers. This age group of Millennials is more likely to characterize ‘loans, paperwork, and contracts’ as the most difficult part of the home buying process, more than any other generation. 27% of Older Baby Boomers indicated that there were no difficult parts. This indicates that the younger buyer needs more ‘hand holding’ throughout the process. Video mortgage advisors allow for a face-to-face relationship with lenders is decentralizing.
Some highlights from this video blog:
- Demographic shifts in home buyers: Millennial Mortgages continue to rise!
- Video Mortgage Advisors Increasing Closes Rates Up to 75%
- Customer experience wins loans: Differentiate yourself for a competitive advantage
- Lenders should be investing in digital technology but not losing focus on the human connections required for this demographic.
- According to recent studies (outlined in our Infographic here), the new under 44 years old demographic still prefer phone and in-person connections over email and text.
- Because of these shifts, digital products in the Mortgage industry have started gaining more and more traction. Buyers want an easier, streamlined mortgage process with a human touch. While they want technology for “calculator qualifications” and document management, they want someone to talk to throughout the process.
- As the largest generation of homebuyers in the next couple of years and on their tales Gen Z, lenders need to understand they want to see the loan officer behind the scenes to be authentic for these demographics.
Customer experience wins loans, this is why it’s rated only 4% less than the interest rate when selecting a lender, not just for Millennial Mortgages but all demographics.
“The latest video banking technologies shift the consumer experience to a human and digital delivery service across several delivery channels.”
Jon Erpelding, President, NuSource Financial
Playbook For Success
Playbook For Success A Guide To Modernizing Digital Experiences With Video Banking Playbook For...
Digital Lending – State-of-the-Art Video Approach for Lending as a Service
Digital Lending The State-of-the-Art Video Approach for Virtual Lending as a Service (LaaS)...
Video Banking: Best Practices — From Adoption to Implementation
Video Banking: Best Practices — From Adoption to Implementation This video banking best practices...
Digital Lending eBook | What's Inside
- What is Video Lending as a Service (LaaS)?
- Top 3 ways Video Lending Advisors can increase conversion rates.
- Two case studies outlining an average 1,380% ROI by adding video lending advisors to their acquisition efforts.
- Increase 1003 applications providing instant access to loan officers to your realtor and builder relationships.
- How video advisors go beyond approvals and throughout the processor and servicing journey.
Increase your online conversion rates and application throughput rates with digital customer acquisition in banking and financial services.
Learn how video banking can increase conversion:
Reduce Incomplete Applications
Reduce application abandonment rate with video chat + screen share. Proactively guide the experience to increase conversions
Product Questions and Advice
Increase online conversion rates up to 40% with video chat readily available on complex, competitive and high-touch product pages.
Expand digital sales reach beyond physical branch radius. Build high trust face-to-face relationships virtually.
Create memorable relationships vs. phone conversations. 8 out of 10 video banking prospects remember defined characteristics from the conversation vs. 5/10 phone calls cannot remember the name of whom they spoke to.
Cost To Acquire
Reduce costs of channel switching from online to branch to open new accounts. Reduce drop-off rate and support centralized.
Optimize specialized workforce across branch locations and online for immediate new product assistance.