CRM (Customer Relations Management) software tools interact with and systemize the data which you supply. Such software allows users to segment and manage data points you upload besides controlling and assigning them in less complicated language. That means that CRM users can carry out a wide variety of actions after uploading client information. Such activities might range from categorizing them together in particular groups and sending targeted mass emails to create a customized pipeline to carry out a task.
The ideal CRM of today will build itself around your needs and the information you provide. It should merely let you input a previously submitted email address and fetch relevant details. Not only that but CRMs these days can also provide social media insights and add the clients to specific pipelines and deals. Many CRMs also come with handy dashboards that provide you with client and pipeline overviews.
The following are some critical benefits you stand to get in the capacity of a loan officer when you use CRM software tools:
There is likely to be a specific group of people or clients who keep on referring potential customers. Naturally, it is vital to ensure that you maintain proper communication with such groups. It is essentially or rather critically crucial for your business’s survival and growth to do so. The last great advantage of referral clients is the way it tends to grow exponentially. To get the maximum leverage from this group, you need to ensure that you come to their attention now and then. You need to accordingly tag your referrers, which will, in turn, let you send them mass or personalized emails. You need to track the open rates and monitor their interactions with a CRM software that handily keeps all your leads in one place. You will then be able to analyze the stream of leads generated by referral groups.
With the use of CRM software, you are also able to manage your loan pipelines better. Keep in mind the following fields where CRMs are particularly useful:
- Greater conversion rates
- Enhanced actionability
- Better user experience
The best CRMs for loan officers let them manage their calendars effectively. Not only do they allow professionals to manage their schedules better, but their work routines as well. Additionally, the best ones are pretty easy to use as well. Such software tools further let loan officers manage events and add the same to particular pipelines or deals and assign other team members to the event. Lastly, such software enables you to send mass or personalized mail to your mortgage customers, notifying them about important events concerning the mortgage or loan.
The leading CRMs in the market are equipped with sophisticated email modules. But the sophistication and advanced features need to be presented in an easy to use and intuitive manner, emphasizing usability. Automated email lead follow-ups are often among the more significant leaks in the sales funnel used by loan institutions giving out loans. Such emails incidentally also happen to be the most critical conversion touchpoint. Accordingly, your CRM needs to let you set them up and schedule the same.
You can manage your emails with relative ease, of course, both manually and with a significant number of CRM software. But ideally, you want your CRM to have an extensive list of features that can be used pretty quickly, employing just a few clicks. Some of the email marketing features you want your CRM to have are as follows:
- Tag emails
- Segment these emails.
- Track open rates.
- Send mass emails to a particular set of or individual contacts.
- Setup and schedule automated email campaigns
CRM dashboards are an incredibly convenient way for you to stay on track with your everyday work activities. They serve to give you a bird’s eye view of things and complete them through a couple of clicks. These activities might include:
- Work agenda
- Checking out received emails.
- Monitor social media channels.
The better CRMs are also additionally equipped with state-of-the-art analytics tools that let you determine which parts of your activities need more work. Big financial institutions can benefit from the Big Data analytics capabilities of Enterprise-class CRM software. Ideally, these analytics and reporting CRM modules would be dynamic and real-time, giving you access to custom reports and actionable data insights.
Another necessary CRM feature common today that is especially beneficial is attaching the templates you use the most to special deals or pipelines. Doing so ensures their easy availability. Additionally, the better CRMs in the market allow seamless integration with file storage solutions like Google Drive and Dropbox through third-party services like Zapier or better as an in-built integration feature.
Additionally, the below-mentioned CRM features are essential for loan managers and let them effectively carry out their tasks:
- Database of clients
- Managing contacts
- Customer statements
- E-application options
- Managing refinance
- Credit report information
- Deal closing documentation.
- Schedule of amortization
- Calculating mortgage
- Servicing loans
- Managing pipelines
There are many options for loan officers and the mortgage lenders and other lending institutions that employ them to choose from. They come with a diverse and sometimes different feature set, which usually determines the software’s cost. In this article, we talked about software features specific to CRM targeted towards the lending industry. Some lending institutions, however, use more generic CRM tools. Hope this helps!