AI and machine learning may not be top of mind when you’re thinking about how to grow your mortgage business, but they should be. There’s a significant opportunity to leverage technology to power your business operations and better compete in today’s market.
If you’re not taking advantage of this game-changing technology, you’re missing out. In a recent survey, 55% of mortgage industry executives say AI and machine learning is now a key focus in their strategic decision-making.
Even if your organization is ahead of the curve, there are plenty of opportunity areas – some of which provide simple, easy ways to make a positive impact. In fact, a common misconception about machine learning is that the technology is only useful for solving very complex problems. The reality is that the technology often provides the greatest value to simple, overlooked inefficiencies.
How Machine Learning Is Overcoming Sales Challenges
With so much emphasis on the back office, it can be easy to overlook opportunities to improve sales and lead management processes. Yet, in today’s busy mortgage environment, sales teams are overwhelmed with lead volume. It can be difficult to distinguish quality leads and distribute them to the agents best equipped to close them.
By replacing manual workflows with automation based on machine learning, one area that can improve quickly is the management of leads and lead assignments. Rather than manual or static workflows, leads can be assigned based on data-driven assessments to maximize conversions and reduce waste.
For instance, ProPair MATCH pairs the best sales agent for a specific lead based on historical performance and other data attributes to boost results. As more data is accumulated, machine learning continues to optimize your lead assignments for best results.
How Machine Learning and AI Solutions Can Reduce Sales Waste
Agents can waste a lot of time chasing leads that are never going to close. The use of machine learning and AI in the mortgage industry can also be applied to prioritize high-value and time-sensitive leads where conversions are most likely. Tools like ProPair RANK use a system to rank leads in real-time based on their conversion probability.
At the same time, leads can continue to be monitored and nurtured with follow-up activities based on prioritization and behavior. For example, as interest rates fluctuate, real-time data and predictive analysis can suggest which prospects to re-engage with at specific moments.
Less Is More: Niche Solutions Offer Easy Wins
Machine learning platforms aimed at improving often overlooked inefficiencies in the mortgage sales process offer easy ways to gain a competitive advantage in today’s market. Platforms such as ProPair DECISIONS, ensure high-quality leads get into the hands of the best fit agents faster while automation keeps other leads engaged until the right time. And because these systems are focused on specific processes, they can begin adding value quickly without a lot of technical heavy lifting. Overall, these types of enhancements may also offer a path of least resistance approach to machine learning adoption, one which may spur further process innovation.
Reach out to ProPair to learn more about how machine learning can optimize your lead handling and mortgage sales processes.