In a changing competitive landscape, you need more than reports, you need Mortgage Banking BI tools that helps you take action.
Ellie Mae found that it is far more common for large lenders to have a clearly defined data and analytics strategy (60%), compared to small and mid-size (55%) lenders, who are more likely to be in the early evaluation stage of their data journey.
The Mortgage Banking BI tools that deliver business intelligence help you to make better lending decisions and make the loan process much simpler, faster, and less expensive. With these tools you can analyse mountains of documents and accounts to determine the risk profiles in lending portfolios. You will also gain compliance and security tools to keep out unauthorized users and to reveal potential fraud.
How data analytics is improving the mortgage industry.
1) Selecting customers
- Data analytics helps lending companies and banks to segment their customers easily. It enables lenders to find customers’ financial status, spending patterns, and credit preferences.
- The lenders gain consumer insights when their business becomes more data driven.
- The lending organization can effectively direct their marketing pitch and offers to the correct customers.
2) Strategizing mortgage offers
- Mortgage businesses achieve attain optimized loan allocation and pricing when the offer is completely customized.
- It helps lenders to create customized loans in real-time. Consequently, conversion rates also increase drastically.
3) Understanding customers better
- Mortgage companies apply data analytics to better understand their customers and maximize their collection yields.
- The customers are organized into micro-segments to make faster decisions on loan approvals.
4) Detecting fraud
- Credit fraud has always been a major concern for banks and mortgage institutions.
- Analytics can be used to flag outlying data points for further investigation and follow-up.
- It helps to keep a continuous check on the potential credit frauds, especially after the loan has been sanctioned.
5) Automating workflows with Machine Learning
- Machine learning models enables better decision making at every point of the lender’s workflow.
- It helps to automate the end-to-end loan processing, from pricing approval to loan monitoring. Accordingly, there is a decrease in business costs and time consumed during internal loan processing.
Here we round up of a three popular, highly regarded Mortgage Banking BI tools to help you uncover what your organization’s data can tell you about your business.
|Microsoft Power BI
|Microsoft Power BI is an analytics and data visualization tool that enables users to connect to a wide variety of data sources and create reports and dashboards.
|Tableau is a data visualization solution that excels in helping businesses turn their data into actionable insights through interactive dashboards and stories.
|QlikView is a data discovery and analytics platform from Qlik Technologies that helps companies make data-driven decisions by making insights accessible to business users.
|Power BI has a lot of advanced features like Custom Visualizations, Ad-hoc Reporting to work with so very good for analytics and interpretation of the data.
|Tableau is the winner between these three here. Because of many drill-down and filtering options it leads the race by miles.
|Qlikview lacks proven analytics so it needs to work on these aspects.
|The desktop version of Power BI is free and users need not pay anything. They can just download the software and start using it.
|A basic version of Tableau is also free but has very limited features to get a start.
|Qlikview’s basic version is also free but like Tableau has very limited features to work with.
|Power BI comes with two advanced versions i.e. Power BI Pro & Power BI Premium Packages. These packages cost $10 per user per month, seem less expensive than Tableau and Qlikview.
|Tableau’s advanced version costs $100 per user which seems to be expensive for middle scale industries.
|.$30 per month per user is the cost to acquire an advanced version of Qlikview. This stands in the middle between these three in terms of cost.
|Power BI just seems like an advanced version of Excel, so people find it easy to work with this tool because of the similarity of Excel interface, formulas, and other features.
|Tableau is not the household product where all the common people can use it. Only those who are at the data science level are known about the features of this product.
|Qlikview too requires a Data Science background because of the programming skills required to work with this tool.
|Since Power BI comes with Office 365 package customer those who buy other Microsoft products may be exposed to this tool as well.
|Tableau has a history on its own so has a huge amount of customer community.
|Qlikview can be used by only programming knowledge people so not many people are from programming backgrounds in terms of the customer community.
|Microsoft Power BI pricing starts at $9.99 per user, per month.
|Tableau Explorer starts at $35 per user per month.
|For the cloud version, the prices are $20 for a single user and then $25 per user for multiple users.
Black Knight’s unified data delivery framework that provides proactive, strategic and actionable analytics to lenders and servicers to help them know what to do next. Leveraging years of investment and innovation in Black Knight’s data assets, technology and business intelligence capabilities, the AIP delivers decision-quality intelligence to the right people at the right time and in the right way – so users can take the right actions.
The drag and drop capabilities along with secure data connections make tableau a front-runner in the market. Qlik strengths include in-memory engine capabilities of visualizing patterns. Creating reports through Power BI can be shared across teams and can be accessed on any device. Overall, Power BI emerges as the competitor’s tools among the three Mortgage Banking BI tools. It is high-level Microsoft applications and platforms and has advanced support for the cloud platform. Tableau is the preferred choice in the current market of business analysis.
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Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.