Mortgage banks have with them a large database of information secured via loan origination platforms, application forms, POS platforms and other website features like contact forms, search patterns. Mortgage Banks by employing the right technology can leverage these existing data sets to gain meaningful insights about borrower behavior, buying patterns, trends, loan product performance and markets.
Technological solutions for leveraging existing data
Digital Mortgage:
Data Visualization: By using data visualization tools, mortgage banks can derive emerging trends and patterns by employing user data and transaction records. These patterns recognition helps Mortgage banks in fraud detection, tracking user growth, evaluating profitability and risk metrics.
Machine Learning and Artificial Intelligence: AI and ML algorithms can model loan products based on the data on past loan performances on a collective basis based on different set of existing data including profitability, risk factor, default rate, demographic data, user statistics etc.
Predictive Analytics: Predictive Analytics can be used on data models built on past historical data to predict loans that are likely to become default and help initiate proactive action. Predictive models also help in identifying borrower’s buying behavior to offer suitable loan products and services matching their profile.
Data driven segmentation: Data driven segmentation of borrowers based on their profiles can help Mortgage banks to reach target borrowers with a specific message and improving the effectiveness of marketing efforts.
Benefits of leveraging existing data for meaningful insights
Digital Mortgage:
Reduced Risk: Data models based on past data, fraud detection using big data tools helps in identifying the risk factor associated with a loan prospect and helps mortgage banks in better decision making.
Targeted Marketing: The existing data set of borrowers can be segmented based on age, demographics, FICO score and other factors and the borrowers can be reached out by targeted advertising.
Better Decision Making: By employing advanced analytics techniques with extensive and regular updates, the increased speed of accessing information can improve the decision making process.
Better understanding of borrowers: With the help of up-to-date and accurate data from Big Data tools, mortgage banks will have a better understanding of borrowers to offer them tailor made loan products.
Data Management Tools
Digital Mortgage:
Data Visualization Tools: Microsoft Power BI and Tableau are the major offline tools available in the industry to understand and derive insights from disparate datasets using visual interactive tools, charts, and graphs.
Power BI dashboards provide a 360-degree view for business users with their most important metrics in one place, updated in real time, and available on all of their devices.
Tableau has the ability to process real time data. Its features also include a rich dashboard user interface and a good set of tools for data visualization.
Digital Mortgage:
Business Intelligence Tools: Motivity, Qlick view and Rooseboard are the top BI tools available for mortgage banks to leverage the large database of client information which ranges from demographic data to migratory patterns.
Motivity is a Business Intelligence Tool designed exclusively for mortgage banks and has helped the mortgage banks to enhance overall reporting capabilities.
Qlik View stands apart from other BI tools by its additional features of associative User Interface and In-memory data processing technology.
Roosboard is a search driven analytics platform that makes decision makers to analyze with self and make better decisions faster.
Looking for more information on arriving at meaningful insights using existing data or need help in implementing the right technology, leave us a message.
