5 benefits you can expect when you implement a workflow management system in your mortgage broker business

by | Jun 14, 2023

As a mortgage broker, you understand the importance of staying organised, efficient, and in control of your processes. In a fast-paced industry where time is of the essence, implementing a workflow management system can significantly enhance your business operations.

But for some, this can sound a little daunting when you think of all the processes you follow and then putting them into some kind of order.

Luckily for you, we have your back and we absolutely love working with brokers to streamline and automate so many of their manual, repeatable processes.

So, what is a workflow management system?

Simply put, it’s a digital tool designed to make your business processes work smarter for you.

The result? Increased visibility and control over your processes, more time to grow your business, better processing times, happier team members, the capacity to scale…. The list goes on.

Enhanced visibility

One of the key advantages of a workflow management system is the enhanced visibility it offers. Traditional manual processes can often be convoluted, making it challenging to track the status of each mortgage application. With a workflow management system, you can gain real-time insights into the progress of each application, easily identifying bottlenecks or delays. By having a clear overview of your workflow, you can proactively address any issues, ensuring a smoother and more efficient process for your clients.

Centralised documentation

Moreover, a workflow management system provides you with a centralised platform to store and access all relevant documents and information. Instead of wasting time searching through physical files or multiple software platforms, you can effortlessly retrieve the necessary documents with just a few clicks. This not only saves time but also minimises the risk of misplacing or losing important paperwork. Additionally, the system can be configured to send automated reminders and notifications, keeping you and your clients informed about important milestones and deadlines.

A new level of efficiency

Efficiency is another key benefit of implementing a workflow management system. By automating repetitive tasks and standardising processes, you can eliminate human error and reduce the likelihood of delays or mistakes. For instance, the system can generate automated emails or messages to clients, notifying them of the progress or requesting additional documentation. This level of automation allows you to focus on more value-added activities, such as building relationships with clients or analysing complex mortgage scenarios.

Better collaboration

A workflow management system enables effective collaboration among team members. In a mortgage brokering business, there are often multiple stakeholders involved in the application process, including lenders, clients, and other staff members, sometimes offshore. With a workflow management system, everyone can have access to the same information and communicate seamlessly within the platform. This promotes transparency, reduces miscommunication, and ensures that all parties are on the same page throughout the process.

Accurate reporting

In addition to increased visibility and control, a workflow management system also offers the advantage of data analysis and reporting. By capturing and storing data about your workflow, you can generate comprehensive reports and analytics to gain valuable insights into your business performance. These insights can help you identify areas for improvement, optimise your processes, and make data-driven decisions. For example, you can analyse the average time taken to process a mortgage application or identify trends in client preferences, allowing you to tailor your services accordingly.

Putting your workflows to work for you

As the Australian mortgage industry becomes more competitive, leveraging technology to improve your processes is essential. Embrace the power of a workflow management system and witness the positive changes it brings to your business operations.

Are you ready to implement a workflow management system to gain greater visibility and control?   Auctus Coaching can show you how — book your discovery call with Christian Paterson today or fill in this online form for more information.

Christian Paterson, Auctus Coaching

Christian Paterson

Director, Head Coach

I love nothing more than helping hardworking brokers to work smarter and enjoy their business while growing an incredibly profitable and efficient operation.