Recently, Snapdocs CEO Aaron King shared with OnCourse his thoughts on how the mortgage industry can meet and exceed the expectations of millennial consumers, a segment that should be a top priority for the mortgage and title industries. As OnCourse Finance Editor John Roszkowski points out in his write-up, “The millennial market is expected to grow in coming years as more of the estimated 83 million millennials — those born between 1981 and 2000 — enter their prime home-buying years.”
To resonate with this generation, King recommends that lenders and title companies focus on convenience, ongoing communication and transparency. From the article:
Mortgage lenders should embrace social media to communicate these values, according to Aaron King, founder and CEO of Snapdocs, a loan closing automation platform for the mortgage industry.
Companies doing well with millennials “have crafted genuine, transparent brands and have embraced social media as a channel to convey their values and earn trust,” King said.
“The mortgage process can be stressful, so the players that use social media to illustrate their dedication to transparency, convenience and authenticity will absolutely set themselves apart,” he said.
Technology, especially mobile, is one of the best ways to capture millennials’ attention, experts say.
“Millennial consumers are accustomed to having groceries ordered online delivered to their doorstep, finding a popular nearby restaurant while sightseeing, and dispatching a car to the nearest corner with the tap of a screen,” King said.
“Convenience, ongoing communication and transparency via the channels millennials prefer, particularly mobile, are indispensable for creating a positive borrower experience with this younger generation,” Aaron King, founder and CEO of Snapdocs.
Lenders can connect by offering remote mortgage loan closings facilitated by a mobile notary and more personalized experience outside of a local bank branch or title office such as at a coffee shop, a library or even the borrower’s own home.
“Out-of-office mortgage closings offer the convenience that millennials expect, but that the mortgage industry has yet to fully embrace,” King said. “A lender making it known that they offer mobile closings can be a valuable differentiator.”
For more industry insight on millennials’ wants and needs, read the full OnCourse piece, “Mortgage lenders look to make gains with millennials.”