2011 MBA Online mobile and Social Media - The Emerging Trends

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The Mortgage Banking Association as me to present at the Annual Conference again this 2011. This time the topic was on Social Media, Mobile and online marketing as a topic of emerging trends in the …

The Mortgage Banking Association as me to present at the Annual Conference again this 2011. This time the topic was on Social Media, Mobile and online marketing as a topic of emerging trends in the mortgage business. My perspective was that of a mortgage lender and how to go about building a social media strategy. Here is what I presented.

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  • 1. Online, Mobile and Social Media: The Emerging Trends
  • 2. Future of Technology – The Emerging TrendsSPEAKERS• Craig Focardi, Sr. Research Director, TowerGroup• Rick Grant, Principal, RGA• Joe Dahleen, Chief Strategy Officer, Mount Olympus MortgageTOPICS• What are the emerging trends and what do they mean for my business?• How is Social Media affecting business?• What effect will Mobile Devices have on business practices?• Evolving IT provides opportunity for companies to rethink their business model• What does this mean for mortgage business leaders? 2
  • 3. The Mortgage Bankers Association and Social Media• MBA Social Media Initiatives• Hashtag – pull on a column on Tweet deck • Tweet us a question • Hashtag for today’s presentation: #MBAsocial • Twitter Username: @MBAMortgage • Hashtag for this conference: #MBAAnnual11• For more information after the conference, contact: • Alicia Roundy, Director of Marketing • Mortgage Bankers Association • aroundy@mortgagebankers.org 3
  • 4. Online Lending, Mobile and Social Media in Financial Services Craig Focardi, CMB Senior Research Director 4
  • 5. Key Questions • What are consumer preferences for shopping and buying financial products online? • How is the rise of mobile devices impacting banking and lending transactions? • Who is using social media in society and lending, and how are they using it? Blackberry PlayBook and Kindle Fire • Is online lending a friend or foe of the mortgage loan officer? • How can I link my branch, loan officer, online, mobile and social media channels? 5
  • 6. Watching the shift to Self-Service: Online learning and buying have gone mainstream•Preference to learn about financial products and services in the United States 18-34 30 45 4 6 6 8 35-54 42 37 1 4 8 8 55+ 47 24 1 4 15 9 0% 20% 40% 60% 80% 100%•Preference to purchase financial products and services in the United States 18-34 48 30 3 6 5 9 35-54 63 18 2 4 1 11 55+ 73 10 03 3 12 Bars for Personal … Petrol Stations… 0% Personal20%for… Restaurants Travel Hotels for 40% 60% 80% 100% 0% 50% 100% In person, face-to-face Online (website) Mobile app Phone Mail UnsureSource: CEB Financial Services Customer Experience Survey (2010) 6
  • 7. Customer satisfaction declines as mortgage processing time increases (2008-2010)(Days From Loan ApplicationTo Loan Closing) 70 Customer Satisfaction Rating (1) 60 52.1 Application to Close 50 46.9 Approval to Close 40 24.6 Application to Approval 30 26.9 30 20 27.5 10 20.0 • Rating: 826 (2010) 0 • 78% of all loans closed 2008 2009 2010 in 28 days or less Source: JD Power , TowerGroup analysis (1) Scale of 1 to 1000, based on survey of consumers for each calendar year 7
  • 8. Mobile makes online mortgage lendingmore desirable and useful• Mobile • Expands online lending definition • Fast boot-up, ‘always on’ • Mobile makes online lending accessible anywhere, anytime • rate alerts• Benefits • loan status • Better service, real time communications, • document needs higher lead conversion, decrease cycle time • approvals • milestones• Mobile email, phone, and web access helps integrate channels for consumer and loan officer 8
  • 9. Loan officers and branches are preferred retail channels, but online is growing Share of Retail Channels, Share of All Channels, Banks and Credit Unions (2010) Large Lenders (2006-10)(Percent) (Percent)80% 80% 71%70% 70% Banks (all sizes)60% 55% 60% Credit Unions50% 50%40% 40%30% 30% 22%20% 20% 12%10% 12%13%10% 5% 10% 0% 0% Loan Officers Branch Service Online/ Call Mail, Realtor, 2006 2008 2010 Personnel Center Other Online/Call Center Branch Source: MortgageBot LLC/Lieberman Research Group (All size lenders) Source: MBA/STRATMOR Peer Group Survey 9 (large lenders)
  • 10. Loan applicants are online all day, thereforeloan officers need to be mobile too Loan Applicant 10 PM Another meeting is Time to get ready running late for work, but first: • Check mortgage I should be • Good thing I can • check Facebook web site (Loan working, BUT: check loan status approved received!) • are rates down? •Was my loan • tell my spouse the • update FB status • 10 LinkedIn approved? Closing is on Friday to HomeOwner! requests • Check Facebook • call for late day care • LinkedIn: apply for •Should I lock? • is appraisal in? •Dinner reservations! new job to pay Smartphone mortgage 63MM users 10+ MM units sold 10
  • 11. Loan Officers Are already online and mobile; they need online Social Networks & Lead Gen Loan Officer I have a half hour 10 PM between meetings. Time to work out, Good thing I can see This Tablet computer but first let’s see Face-to-face my new leads, check makes checking my selling is still core loan status, and tell • what the market pipeline and replying to closing many Applicant the Closing is doing and to Applicants easier of my deals is on Friday without • where rates are while watching the going back to office headed ballgameSource: TowerGroup 11
  • 12. (How) will online, mobility and social mediatransform lead generation and lending? Will the New Kids on the Block (and Survivors) Have Better Luck Than the Last Bunch (or Get Kicked Off the Island)? 2001 2001 2011  AppOnline.com  LoanGenie  Survivors  Creditland.com  LoanShark  Lending Tree  eJumbo  Microsoft HomeAdvisor  Quicken  mortgage.com Loans  E-LOAN  New  Homeshark  Mortgage IT  FaceBook  Homespace.com?  Mortgagebid  Google  iOwn  Priceline  Zillow  LendingTreeSource: TowerGroup 12
  • 13. Conclusions and Recommendations • Consumer tech is has caught up with consumer desires to buy mortgages online • Low volume and cost pressures make online and mobile lending attractive $64,000 Question: • Social media cannot be a “Field of Dreams” “If you build it, will they come?” • Link corporate marketing with branches • Must increase shopper-lead-app ratios • Analyze and measure results using new analytics from other CPG industries (ex. – Proctor&Gamble, J&J, GM, VISA and Citi using Fractal Analytics. Also Adobe SocialAnalytics, Claritics, Google, SAS 13
  • 14. Craig Focardi, CMB Sr. Research Director Thank you! For more information, visit www.towergroup.com. LinkedIn: Craig.Focardi Email: cfocardi@towergroup.com Twitter: @CFocardi 14
  • 15. New Technologies, Social Media and Mortgage Lending •Rick Grant, Principal, RGA 15
  • 16. Answering the other key questions Craig told us WHY Now for the other 4 key questions: Where? How? Who? When? 16
  • 17. Why: Social Networking Is becoming ubiquitous and is where more online consumers will be Social Networking Usage in the United States Percentage of by Age Category (2008–13P) US Population 100% 93% 98% 99% 86% 83% 89% 90% 75% 76% 80% 72% 67% 67% 68% 70% 59% 60% 53% 69% 47% 50% 35% 53% 40% 27% 40% 30% 20% 11% 26% 10% 15% 0% 7% 2008 2009 2010 2011P 2012P 2013P 18–29 30–49 50–64 65+• Source: Pew Internet and American Life Project, TowerGroup 17
  • 18. Why: There are many reasons you shouldalready be leveraging Social Media tools WHY I use Social Media • To be seen as a thought leader • To know what my competitors are saying • To know what my clients are saying • To track hot industry topics 18
  • 19. Where: Leading social media web sites Number of Users Unique Draw and Viral Effect Bank’s Potential Play 75 million(1) Personal professional network linking Effective targeted marketing ; individuals based primarily on recruiting business ties 110 million(1) Short messaging and links to Real-time product/marketing external media; approximately 55 updates; customer service. million tweets per day Not available User-generated video content; 2 Community and educational billion average views per day information; marketing 500 million (1) Primarily personal content; linkage Social-based community; and viewability of much of the neighborhood announcements; information requires permission philanthropic efforts 3.75 million(2) Alerts others to current location; 1 Location-based marketing; million check-ins in one day contests; special offersSource: Company Web sites, TowerGroup (1) As of Sept. 2010. (2) As of October 2010. 19
  • 20. How: Setting up your Twitter account 20
  • 21. How: Using Twitter to ask a question. 21
  • 22. How: Setting up your LinkedIn account 22
  • 23. How: Setting up your Facebook account 23
  • 24. How: Setting up your First Blog 24
  • 25. Who: Where will the responsibility lie formaking your Social Media efforts pay off? Now that you’ve built them Who will manage them? • Benefits of a technologist • Benefits of a New Media pro • Benefits of an executive • Risks of a marketing person • Risks of a committee 25
  • 26. When: Busy executives must find a way tobuild these new responsibilities into their lives Finding Time for Social Media • How I load Twitter • How I use Twitter • When I post to LinkedIn • How I run my blog • Wiring it all together 26
  • 27. It doesn’t really matter where you start, but startyou must. Here are good examples to follow Some Good Mortgage Industry Examples • The Nationwide Title Clearing Blog • Michael Detwiler’s Blog • The Equi-Trax Facebook Page • The Ernst Publishing Twitter stream • Financial Literacy Solutions video widgets • Mortgage Originator Dan Green 27
  • 28. ROI: Will Social Media really pay off?“Those who master it will find it the single largest source of quality leads” But will it lead to more closed loans? • More than $1T in mortgage business will be closed in 2012 • Borrowers will seek out someone they can trust • Consumers don’t trust mortgage lenders very much • CFPB, by it’s very nature, will make them trust you less • Social Media is the way trust is built online • If you don’t get there now, some other originator will 28
  • 29. Rick Grant, Principal, RGA Thank you. For more information, visit www.rga-pr.com. LinkedIn: www.linkedin.com/in/rickgrant Email: rick.grant@rga-pr.com Twitter: @nyrickgrant 29
  • 30. New Technologies and the Mortgage Lender Joe Dahleen, Chief Strategy Officer, Mount Olympus Mortgage 30
  • 31. Getting started with a Social Media Strategy• Develop a Social Media policy • Set the rules Up Front • Agree on guidelines for use of social media and who can use it. • Get those signed agreements back from Sales Personal (biggest violators) • Agree on a strategy from the beginning • Get executive level buy in – ALIGN with top management • Question: How many companies have a social media Policy already in place?• Build Phase • Build your website with all of the most important tools and landing pages. Lay a good foundation for lead capture. Maintain control over websites content and maintain compliance upfront. • Build your brand & Consumer Friendly Design • Build social media identities (Business Facebook page, twitter accounts, Linked In Company Page, You Tube Channel, Foursquare ) Others? • Build your Blog and get your content set up. • Decisions: In house or outsource? • What type of content? Content is KING. 31
  • 32. Don’t get disconnected with theorigination strategy• Origination Strategy • What is your strategy? Paperless with eSign & eNotes? • Leverage your consumer facing interface – It’s easy to apply, or it’s easy to view rates? • What if you don’t have a good consumer facing interface? • Then get a good Live Chat Help Desk set up to take in all of the different areas that leads will come from in your social strategy • Live Chat with Co-browser – consumers want instant response – you should offer it - builds a good reputation. • Have the ability for the consumer to offer feedback, comments or take an simple 3 question survey. This you can use again and again. • Offer Live Rates so that the consumer knows your transparent. It’s too easy to shop now a days and if they leave your site they could never come back.• Channel of Business • Which Channel of business will respond to your social media strategy? Do you have an online channel? Do you have a call center? Do you have a high touch customer response? Remember about those landing pages – Very Important. • Follow up, Follow up, Follow up – these leads are high touch leads that need immediate response. • Failure on this step is way too costly in today comment heavy environment. 32
  • 33. Social Foundation is set – it’s time to Market your company• Leverage Online Media • Mobile Ads: iAds, CityGrid, Google Mobile Ads, • Text messaging Strategies: first time home buyers and Eco-boomers love text messaging. • Localized Banner Ads, Video Banner Ads that syndicate• Leverage Organic SEO • Your website is key in this area – Remember those landing page? • Sales specific websites – one for each sales person. Individual loan officer websites. • Linked In, Facebook , YouTube Channel and Twitter will all help you promote in Google• Leverage SEM (Search Engine Marketing) – Careful – this can be expensive. • Google Comparison Ads (need strong PPE) • Bank Rate and other lead providers. (this list is huge)• Leverage SMM (Social Media Marketing) • Linked In Ads • Twitter Promotional ads - NEW – Twitter Social Analytics Tool • Facebook Ads 33
  • 34. Social Foundation is set – it’s time toMarket your company (continued)• Leverage Online Market Place – Go where the eyeballs are: • Zillow Mortgage Marketplace (Auto Quoting), Zillow Banner Ads, • Google Comparison Ads • Trulia if your working with Realtors • FrontDoor - HGTV – Scripps Network Digital• Leverage Facebook: • Your website inside of a Website – How it works, How to Promote your page, How to run Ads, How to get Fans. • What is a welcome page – why is it important? • What type of leads are your trying to capture?• Leverage Free Stuff: • QR Codes with unique landing pages (Huge with Realtors) • Linked In Discussions • Zillow Advice Area • Trulia Answers 34
  • 35. Leverage your company content overmulti social media identities Streams & RSS Feeds Provides updated blog topics that feed all of your Social Identities. 35
  • 36. Leverage your company content over multi social media identities expanded over your employees = big opportunityManage huge branchnetworks and teams ofLoan Officer websitesnationwide with theright technology iseasy. Joe Dahleen interview with Mark Wayman, Social Gears 36
  • 37. Live Demo – Text message to 206-499-4888 Thank you. For more information, visit my Social Business card http://momco.me/joe Loan Officer Website example: http://momco.com/joe 37
  • 38. What should I do when I get back to the officeon Thursday? ONE PAGE SOCIAL MEDIA ACTION PLAN Quick Start Guide Full User Guide  Assign part-time social media  Outline a strategy responsibilities to Marketing & IT  Establish a budget  Outline a basic short-term strategy  Hire a social media director, or ½  Establish a small budget marketing position  Consider hiring a consultant  Outline a short-term and long-term phased strategy  Pick a Media (ex. - Linked-In)  Plan and implement a multi-media  Take an afternoon and create a presence company presence  Build on it; refresh content;  Build on it; refresh content; measure results measure results  Lead tracking, conversion, ROI  Create a Facebook page next 38
  • 39. Online, Mobile and Social Media: The Emerging Trends