Look Outside The Mortgage Business

Staying on the Forefront of Tech

Technology in the mortgage industry has come a long way over the years. So many softwares and systems have incorporated AI and other automation tools into their platforms to allow companies to operate more efficiently. However, compared to many other industries, the mortgage industry’s technology is only scratching the surface. Looking at industries like telecommunications, manufacturing, and healthcare and the advancements they are making can be eye-opening and hint towards the future of mortgage technology innovation.

While you may think that certain technologies may not ever have an application in mortgage and it can be hard to wrap your head around how that tech could be integrated into our space, at a basic level, it can help to see how comparable industries are leveraging things like AI and automation to improve their businesses. Seeing how the banking and insurance industries, to name a few, are leveraging technology in their underwriting, compliance, and more can be a great source of inspiration for how you can incorporate similar tech into your workflow.

Making Bigger Moves in Marketing

I will be the first person to admit that when it comes to marketing in the mortgage industry, our space is probably at least three years behind other industries when it comes to marketing innovation. As a marketing professional in this space, it can be frustrating at times to see other industries’ marketing advancements as the mortgage space slowly plays the game of catch-up. While there are many mortgage companies at the top of their marketing game, and they can be great sources of inspiration for your efforts, I think even their marketing teams would argue there is more work to be done to bring mortgage marketing techniques up to the levels you see in other sectors.

Doing research into how other industries are pioneering the way in social media marketing, content marketing, digital marketing, marketing automation, and more can really help to fill any deficiencies you are seeing in your marketing strategies. Also, attending content and marketing-centric events can be hugely beneficial because these events typically cover use cases and marketing strategies across numerous other industries. At a core level, marketing typically is either B2B or B2C so while the audiences may be different, certain techniques can be universally applicable. Being able to see the possibilities in one setting and discussing with marketing professionals from other sectors how their techniques could apply to your own strategy could help take your marketing to the next level and well beyond the likes of your competitors in the mortgage space.

Leaning into Leadership

One of the final areas where it can often be beneficial to seek guidance outside of just the mortgage industry is leadership training and development. While the mortgage industry has no shortage of tremendous leaders, there is no one right style of leadership. Seeking inspiration from leaders in other industries can help you find the best way to develop your own path.

One of the easiest places to start is doing research into which professional leaders inspire you or mirror a leadership style that you would like to emulate and see if they have books or educational content that you can dig into. Many influential executives have incredible biographies or autobiographies about their rise to the top that can provide insight into all of the steps they took to get there and how you can apply that to your career. Some books to start with include “Principles” by Ray Dalio, the CIO of Bridgewater Associates, “Grinding it Out” by Ray Kroc, known for making McDonald’s what it is today, and “The Cobbler”, by Steve Madden, American fashion designer and founder of Steve Madden, Ltd. All of these individuals have had success in very different industries so it can be fascinating to learn about commonalities and differences in their strategies and leadership styles.

You may also want to consider joining a leadership mastermind group that can connect you with other like-minded individuals from numerous other industries. Building your network, collaborating, and commiserating with other leaders can help you identify what you are doing well and where you can implement the best practices of others who are at the top of their games.

Bringing Back What You Learned

The mortgage industry has its own strengths and can certainly provide industry professionals with robust educational resources to ensure they remain up to date on trends in the space. However, there is nothing wrong with seeking information and insight from other industries that may excel in the areas that the mortgage space is lacking. The most important thing is to take back the knowledge you’ve gleaned from other industries and not only apply it in your own professional life but also share it with your colleagues. This forward-thinking will not only help you improve your own career but also help propel the industry forward.