Survey: Mortgage Industry Remains ‘Significantly Behind’ Retail in Terms of Technology

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Sixty percent of mortgage lenders use audience data platforms to help them understand consumers’ behavior and interests and 55% are leveraging cross-channel display advertising platforms, which enable them to run hyper-targeted campaigns with advanced bidding methods across multiple channels, according to a survey recently conducted by NestReady.

The mortgage technology firm helps mortgage lenders combine the home shopping process with the mortgage shopping process for a seamless consumer experience.

The findings are part of the firm’s 2019 Marketing Technology Report, a survey of 500 of the largest mortgage lenders in the U.S. regarding their use of about 350 different digital marketing platforms in 11 categories, including Web analytics, audience data management (DMPs), media buying/demand-side platforms, cross-channel retargeting, digital ad exchanges, A/B testing and content/conversion optimization, live chat, marketing automation, video platforms, tag management solutions and social media tools.

The results concluded that lenders are significantly behind other industries such as retail in the use of technology.

“In today’s competitive age, lenders need to leverage the proper digital marketing tools and channels to attract and retain customers,” says Mauro Repacci, co-founder and CEO of NestReady, in a statement. “By understanding how some of the larger lenders are using technology for their business growth, other lenders can learn how to improve their businesses and attract a larger customer base.”

The survey further finds that more than 56% of mortgage lenders use a tag management solution to deploy various marketing technologies across their websites from a centralized location – and just under 50% are leveraging a dedicated retargeting platform.

Google and Bing retargeting dominate this category with 42% of surveyed lenders using at least one of them.

“It is important to look at the systems being used and seriously considered how we can increase efficiencies while providing better customer service,” Repacci says. “We need to learn from other industries when it comes to harnessing technology.”

To access a copy of the report, click here.

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