Top 5 Trends for Success in the Financial Services Market

Late last year, at the Mortgage Bankers Association Annual Conference and Expo, attendees were asked, “What is most important in moving our industry forward?”  There were five clear trending topics from the answers received, with each item having its unique impact on the industry and your organization.

#1 - Technology: Work Faster and Smarter

In today’s financial services market, modern technology is the way to succeed. It’s no surprise that it's at the top of the list because it is intertwined into many facets of your industry.  The future relies on speed, accuracy, and efficiency that technology provides.  We need to be armed with solutions that are flexible, easy to use, and easily accessible. 

Current advances in technology drive real time collaboration, standardization of processes across platforms, and visibility into the operations of your organization.  Incorporating smart technology is integral to working faster and smarter while becoming dynamically ready to embrace future changes.

#2 – Regulation: Make it Easy to Follow the Rules

Regulation … it can be a scary word to some.  The fear is understandable because the failure to comply with regulations can carry a hefty price tag.  Change is inevitable and regulatory change is certain to occur well into the future.  We need to be ready to embrace the regulatory changes with flexible technology. 

Workflow automation provides a quick and easy way to implement changes with minimal training as the workflow drives the processes.  It also provides the accountability needed to ensure that regulatory changes are incorporated and followed. You don’t have to replace your existing systems, just add workflow automation to sit on top of those applications, consume data and logic, and drive and control standardized work activities automatically throughout your organization.

#3 - Customer Experience: Happy Customers are Good for Business

Customers are central to your profitability, shareholder satisfaction and expansion strategies.  Happy customers are the most critical factor to the success of an organization.  In today’s on demand world, your customers want access to information when they want it.  The technology we implement should give your customers the real time personalized experience they are seeking.  Embracing the heart of customer service with workflow automation keeps customers fully engaged and updated.  Informed customers provides a positive experience resulting in customer loyalty and future referrals.

#4 - The Next Generation: Continue to Ride the Wave of Success

The next generation of mortgage bankers will continue to build upon the legacy created today. Implementation of generally accepted best practices, along with standardized repeatable processes is imperative. Automation will provide audit trails that create visibility and accountability.  Reinvigorating the industry with new, simplified, structured approaches provides the framework for the next generation to continue delivering best in class products.

#5 - Industry Reputation: We are the Good Guys

Customer relationships are built on trust.  Let’s face it, your reputation is only as good as your last customer interaction.  It is our responsibility to build and maintain the trust between financial service providers and our customers.  Transparency provides the open book of full disclosure necessary to build that trust.  Real-time communication, responsiveness, and centralized access to documents and information will go a long way to building the trust needed to establish the reputation of a best in class experience for all involved.

Now more than ever, industry players need to remain focused, collaborative, and prepared.  Make sure you are ready for the changes that lie ahead by reinforcing your operational infrastructure, managing regulatory costs, providing your customers with an engaging experience, establishing a framework for future generations, and building a positive reputation.  Small steps will help your business remain competitive as your industry continues to move forward.

Jane Mason, Founder and CEO

Jane has applied her vast experience (over 25 years) operating process-driven businesses to successfully redefine client-focused service. Jane has worked with expert programmers to apply cutting-edge web-based technology to automate complex processes in industries such as Financial Services, Healthcare and enterprise workflow. Her vision confirms Clarifire's trajectory as a successful, scaling, Software-as-a-Service (SaaS) provider. A University of South Florida graduate, Jane has received many awards related to her entrepreneurial skills.