Big Data Leads To Startling Advances In Mortgage CRM Software
The continual advancement and improvement of big data has also lead to notale advances in mortgage CRM software. Read on for more information.
Big data has had a profound impact on the mortgage industry. TheMReport.com identified some of the biggest ways that big data is changing this profession. One of the biggest developments in the mortgage industry is the utilization of big data to manage CRM software.
The Growing Role of Big Data in Mortgage CRM Software
Dennis Tally, Director for the Single-Family Data division with Freddie Mac, has talked about the relevance of big data in the mortgage industry. Tally astutely pointed out that data is used in a number of different ways. Mortgage companies like Silver Leaf use vast sets of internal data, which include bank statements and loans on clients. They also use third-party data from the IRS, credit bureaus and online resources.
All of this information can be used in a variety of ways. One of the biggest applications is with CRM software. Mortgagers can use big data to segment customers better, build stronger relationships and significantly improve the ROI of their strategies.
How Can Mortgagers Choose the Right Big Data Solution to Handle their CRM
So, you’ve determined that your mortgage business needs a reliable CRM solution. It’s a great move and one that will help scale your business to new heights. Big data has made CRM tools more versatile than ever, so mortgagers will get a higher ROI from them.
The right mortgage CRM software can be beneficial to your business in many ways. This includes using machine learning and AI tools to save time with customer communications and support, generate quality leads, and helping you build lasting relationships with existing customers.
But that’s only true if you choose a CRM system that meets all the needs of your particular business. Some CRM tools use more sophisticated big data tools than others. So how do you choose?
Well, we’re here to help.
Though the market is flooded with a ton of CRM solutions that use big data —all of which promise to deliver quintessential results, not all are can meet all your business needs. These tips will help you choose the right mortgage CRM software for your business.
1. Understand the Unique Problems that Face Your Business
The very first step in choosing the right mortgage CRM is to determine your business needs. Define those peculiar challenges that are preventing your business from scaling up. Then find a big data solution that addresses those issues.
Are you hoping for software that will help you generate leads? Or maybe interested in a CRM that offers real-time LOS integration? New advances in data technology have made all of these things possible. However, you need to outline your objectives before you can benefit from them.
Once you define your needs, it will be easy to narrow down your choices to only the software that offers those services. The truth is, different CRM solutions offer different functionalities that cater to different user needs.
2. Jot Down the Features you Need with Your Target CRM
Are there specific features you want in a CRM that you strongly believe will guarantee solutions to your problems? List them down. Doing so will help you narrow down your choices to only the CRM solutions that are ideal for your business needs. Handy features to consider include:
Leads are the lifeblood of any mortgage business and big data has made it easier to earn them. As such, you’ll want to look for a CRM solution that facilitates lead generation and management.
Leading mortgage CRM software, such as Shape’s CRM come with advanced lead management features that allow you to score and assign quality leads to your team. The Shape CRM even allows leads to have multiple owners—a feature that ensures leads are not lost.
A good mortgage CRM should offer extensive marketing management tools to make marketing easier for loan officers. Look for a CRM solution that offers:
- A huge library of marketing campaign ideas
- Video mortgage marketing
- Effective tracking through analytics
- Automated customer follow-ups
Your mortgage CRM should not just help you launch marketing campaigns. It should also use big data to help you track progress and nurture leads until they become loyal customers.
The best mortgage CRM should be easy to use. Period!
There are CRM solutions out there that are extremely difficult to work with, especially if they use older big data platforms. Such CRMs will not only cost you money in training but also waste a lot of your precious time. Look for something reliable and one that doesn’t have a steep learning curve. You want something that uses Hadoop technology for data mining.
3. Search For Affordable Software
Cost is an important factor to consider when buying CRM software. Once you have listed all the pertinent features, ensure what you’re settling for fits your budget.
If it doesn’t fit your budget, consider other options that offer near similar features at an affordable price. It’s okay to flex your budget a little but don’t overspend on CRM as this might negatively impact your bottom line.
4. Opt for a Mobile-Friendly CRM
More people now access the internet via mobile devices than desktop, according to a 2016 StatCounter study.
With that in mind, you should aim at getting a mobile-friendly CRM. Such a tool should help you respond to customer queries even when on the road. Moreover, a mobile-friendly CRM will let you access your tasks and customer data wherever you are, 24/7.
We hope these tips will help you make a more informed buying decision when shopping for a mortgage CRM. Feel free to comment and share.
Big Data Makes Mortgage CRM Technology More Reliable
Mortgage CRM tools are more effective than ever. This is largely due to major advances in big data.
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