The massive disruption caused by the global COVID pandemic upended not just our daily lives and wardrobes but kickstarted rapid digitization across the spectrum of financial services, including the mortgage industry.
Suddenly, everyone was scrambling to digitize, and with good reason. The move to digitize is seen as beneficial for everyone, customers and financial institutions alike. A recent survey by ICE Mortgage Technology found that the vast majority (99%) of lenders believe that technology can help improve the mortgage application process, citing benefits that include simplifying the entire process (74%) and reducing time to close (70%).
Looking back only a brief year, proactive organizations who innovated, re-prioritized their digital strategies, and invested in the right technologies are coming out on top. And by adapting to this new normal, they are quickly securing themselves a place in its future.
For example, nonbank mortgage lenders in the U.S. issued 68.1% of all mortgages originated in 2020, and seven of the 10 biggest U.S. mortgage lenders were nonbanks at the end of 2020.
That said, the window is not closed – those now trailing their competitors can still compete if they move quickly to embrace digital acceleration.
Here’s the catch, though: consumers are becoming more digitally-savvy in response to this transformation, and now expect more and better digital solutions. In fact, 92% of recent mortgage borrowers did online research before even speaking to a lender. So you can’t just throw any old tech at them – what you need is the right tech.
New tech, shifting expectations
As life moved online, the pandemic changed not just how consumers use technology, but also raised their expectations of how it can make their lives easier. Think of it this way: digitization in one area causes a domino effect, so after one technology makes your life easier or more efficient or more productive, you’ll quickly expect the same quality digital experience – user-friendly, seamless, informative – in other aspects of your life.
So now that Netflix or Uber serves you amazing digital experiences, why would you expect anything less with a mortgage? And there’s a good chance those expectations are even higher in the mortgage industry because consumers are dealing with one of the most important purchases of their lives. In fact, this shift in consumer outlook is already impacting the mortgage industry:
The same ICE survey found people looking to buy or refinance a home are using technology differently and are seeking lenders who can offer easy-to-use digital tools to complete their mortgage loans from home.
Engaging communication, reliable and user-friendly digital tools, easy-to-digest information; lacking these, financial institutions won’t have a viable digital mortgage strategy. Not only will they fail to meet more exacting customer expectations, but they will also very quickly fall behind the pack of those leading the digital mortgage vanguard.
But at the crossroads of technology and expectations lies a simple yet powerful digital tool that turns many of these concerns into wins for the mortgage industry – personalized video.
Personalized video: where technology meets expectations
Enter IndiVideo, by BlueRush, the leading platform for personalized video in the mortgage industry.
IndiVideo helps you create personalized videos for each of your customers in which their financial information is simplified and presented as engaging visual content. Each video is a singular digital experience and uniquely their own: made just for them, tailored to their specific profile, and based on their own current financial and mortgage needs.
The uniqueness of each personalized video makes clients feel one-of-a-kind, so it’s easier to develop more trusting, one-to-one relationships with them. And as informative, visually appealing content directed to their own exclusive circumstances, a personalized video improves both retention and engagement, which is the fuel that drives action.
Now imagine this at scale, a personalized video being packaged and automatically sent out to your hundreds or thousands or tens of thousands of clients each month, each video uniquely addressed to them.
IndiVideo creates and then scales the digital experience that customers now expect – engaging, reliable, and informative – and helps you connect with all your clients in a safe, secure, and authentic way. At each stage of their journey, personalized videos increase their digital engagement and help clients make confident, informed buying decisions.
And the results are clear – personalized video converts.
Companies across several verticals, including leading global financial institutions, have seen ROI results as high as 40X with IndiVideo interactive personalized video.
So not only can personalized video lead to more mortgage acquisitions, driving overall growth, but at the back end, you’ll be able to collect valuable data on client preferences, so you can continually refine your online mortgage marketing strategies.
BlueRush designed IndiVideo with your wider business concerns in mind, building in technical advantages like ease of scalability, security options that give clients the choice of how they want to share their data, as well as a range of support from the BlueRush team in terms of planning, video template production, data integration, and data tracking.
Whether for marketing, customer experience, or product teams, adding personalized video to a digital mortgage marketing strategy allows you to stand out from the crowd and truly connect with clients.
A unique approach, higher engagement, more conversions – with personalized videos, IndiVideo turns your digital mortgage marketing efforts into a future-proof growth strategy, one that adapts to the changing demands of a mortgage industry amid a massive digital transformation.