The Changing Role of Loan Officers in Online Lending
In a world increasingly dominated by technology, every industry is rapidly evolving and so too are the professions that comprise them. The lending industry is no exception, and, by extension, neither are its loan officers, who must quickly adapt to this new reality. Instead of being concerned about the effects of technology on the future of the profession, successful loan officers will fully embrace this technological transformation and find ways to benefit from it.
At its fundamental core, the loan officer profession will continue to be a “people” business, where those who succeed are experts at developing and nurturing relationships with other professionals and providing superior customer service to borrowers. However, it is the delivery of these services that is being drastically reimagined by new technologies coming into the market.
There is a major shift underway in lending to replace antiquated tools and workflows with web-based platforms where consumers can go deeper into the loan process without talking to a human being. These platforms are smart, user-friendly and interactive. They are designed to automate many of the tasks traditionally performed by loan officers, especially the more commoditized tasks such as data collection, borrower education and providing information about loan products.
Today’s loan officer must realize that great service no longer happens exclusively offline and must learn to work seamlessly with technology to deliver a great overall user experience: organized, efficient and transparent. Technology can make loan officers significantly more productive and, yes, even happier, allowing them to focus on the things that really matter instead of the mind-numbing tasks that do not lead to more business. Opposing this wave of technological innovation in lending is not only futile but will also hinder a loan officer’s professional growth and opportunity to better serve the modern financial consumer.
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