How augmented intelligence can take a loan officer to new heights

by Kasi Johnston28 Jul 2020

As technology continues to weave itself into the mortgage process, it begs the question on where the loan officer fits into the future of the industry. Especially on the heels of COVID-19, where even those resistant to change were forced to adapt, what role do humans play in the future of mortgage?

“We live in a trust economy where trust is a real asset, especially when it comes to the largest purchase of your life,” said Ernie Graham, CEO of Homebot. “Machines don’t create trust, people do, and that’s not going to change.”

In fact, Graham says humanity is a loan officer’s greatest competitive advantage. This is where the concept of augmented intelligence comes into play. Augmented intelligence is an expression of artificial intelligence (AI) that is meant to supplement humans and have the user remain at the center of the decision-making process. While AI operates to replace humans and risks every part of the process feeling transactional, augmented intelligence is used to create systems that make humans better.

Graham believes augmented intelligence is the way of the future in the mortgage industry, where technology is used to empower consumers and create more efficiencies for lenders so they can focus on relationship building .

“The days of clickbait marketing are over. We’ve developed a blindness to that. Empowerment marketing means investing in the premise that a smart client is an engaged client,” said Graham.

With a large database, it simply isn’t possible to invest time in cultivating relationships with everyone all at once. Homebot is an augmented intelligence solution that empowers consumers to build wealth through homeownership by facilitating meaningful engagement with their loan officer and real estate agent. It uses automation to bring forward those in your database that are seeking advice and guidance, while continuing to nurture those who may not be ready just yet.

“Empowerment turns your database into hand raisers. If you deliver personalized information that your clients and prospects can decide to engage with when they’re ready, you will build trust and position yourself as their go-to advisor. Our focus is to extend that humanity through marketing by identifying who to reach out to and when, based on their online behavior.”

How to choose the best technology for you

With the vast choice in tech solutions available, deciding on what will work best for a specific business requires research, planning and sometimes, trial and error. Graham shared his top tips on finding the right solutions for your tech stack:

Prioritize automation and engagement - Augmented intelligence scales the ability to engage consumers while the loan officer is busy transacting so that when it’s time to reach out, it’s to the right people at the right time. Features like automatic content creation are key.

Pay attention to set-up time – Is onboarding and implementation seamless and simple, or is it complicated and time-consuming? Technology is meant to free up time, not take up more of it. Especially during busy times like these, loan officers may want to hold off implementing tech that requires extensive heavy lifting on their end.

Be ROI-driven – Tracking ROI is the true measure of success. If there’s no noticeable ROI within 90 days, loan officers need to be prepared to axe it.

Look long-term – Augmented intelligence is an investment in humanity. In times of crisis, the need to invest in technology is illuminated, but seeing the long-term benefits of the tech solution is equally important.

“Technology like Homebot means loan officers can spend less time with their hands on the keyboard and more time communicating with people; that’s the coup de gras of building a sustainable, scalable business,” said Graham. “It’s also not just about the client in front of you, it’s about building a lifelong relationship that encourages repeat business and referrals.”

To learn more about Homebot, schedule a 1:1 demo.