What exactly is technical debt? When discussing your organization’s technical debt - and possible changes to it - with various audiences, you need to articulate the key issues in plain terms. Here’s expert advice on how to do that.
PrimeLending CIO: How we focus on revenue generation
What does the loan officer of the future look like? How can IT position them for success in driving revenue?
At PrimeLending, we’re often focused on efficiencies and reducing expenses – all worthwhile objectives – but it’s important not to forget about the revenue side of the house. When interest rates change, mortgage lending becomes more challenging. That’s why a laser focus on creating and maximizing revenue opportunities is especially important for us.
In order to identify these revenue opportunities, we need to be in tune with our customer’s challenges and desires. One way we do this is by spending time in the field. Earlier this year, I attended regional meetings with our branch managers from all over the country to discuss how the marketplace is changing, the challenges they’re facing, and how IT can help propel the business forward.
At PrimeLending, for example, our average loan officer is 54 years old. Some are used to doing business in-person, taking loans by hand, and retaining their customers through face-to-face meetings during which they establish rapport. These folks aren’t always receptive to new technology.
Other loan officers are light years ahead and fully embrace technology. They’re the ones drilling down on search engine optimization to engage customers and drive new business.
Modernizing processes to meet consumer demand
It was clear from these meetings that there was a gap not only between how loan officers across the board operate, but also between their skills and the demands of our borrowers. While many of our loan officers preferred dealing in-person and on paper, our borrowers preferred filling out online applications and receiving status updates via text.
That’s where we saw opportunity – in enabling our loan officers to drive more revenue by modernizing their processes. While this is something we’re tackling as a company, our technology group is working to identify the traits we need to meet the current consumer demand. From these traits, we’ll develop the next steps to take.
Loan officers of the future
Here’s an example: Let’s say that one trait is high social media activity. How do we make sure our folks are engaged on the right social media platforms and taking the right actions to attract attention? Our goal is to not only relay exactly how to use social media tools to be successful, but also clearly explain why it’s important to use them. The “why” is particularly important for those hesitant to change.
All this culminates in building out what we think the loan officer of the future looks like, and future-proofing them so they are in a position to sustain success.
The time we spend in the field and the conversations we have with our customers are what spark our revenue-generating creativity. We’re excited about where this is all leading: a new model that we believe will help loan officers – and ultimately PrimeLending – grow its business.
[ Learn how leading CIOs are driving revenue. Download our report from Harvard Business Review Analytic Services: The new rules of CIO leadership. ]