Companies are starting to realize the power of mobile device applications to drive home their brand message while improving the customer experience. Consumers have become fascinated with mobile “apps”, due in large part to not having to go to a mobile browser to access applications and the ease at which application can now be downloaded and used. In fact, Apple’s iPhone and iTouch have lead the way with more than 1 billion downloads of free and paid “apps”. The number of “apps” available on iTunes has increased from 1 to over 50,000 in less than a year. Will the mortgage industry embrace this channel and develop innovative technology to meet borrowers where they choose to do business?
These “apps” directly connect consumers with corporate brands, which is why a number of major corporations are including mobile “apps” into their marketing mix. Companies such as FedEx, AAA, Nationwide, Linked-In and Google have already embraced this innovative approach. Nationwide provides an Accident Toolkit that guides consumers through the steps to take after an accident. The “app” also provides: emergency calls service, helps collect and exchange accident info, stores insurance and vehicle information for easy look-up, takes and stores accident photos, and converts iPhone into a handy flashlight. If you’re a Nationwide client it will connect you with towing services, locate the nearest agent, start the claims process and find a Blue Ribbon repair facility.
Sherwin Williams-Color Snap is a free, unique color-matching “app” that allows users to quickly capture colors from their surroundings and match them with Sherwin Williams paint colors. The AAA discount “app” pinpoints your location and then displays all merchants in that area who offer a discount to AAA members. FedEx provides up-to-date shipment tracking information. It also allows you to create shipping labels while you are at a trade show, get rate quotes and find the nearest location.
iFood Assistant by Kraft is a smart and unique “app”. iFood Assistant brings you a Recipe of the Day and an idea for Dinner Tonight. It also provides smart recipes, no hassle shopping lists and directions to the nearest store, in addition to video how to’s.
On the banking side Chase and Citi are leading the way. Their “apps” allow customers to find the nearest location for ATM’s and branches, you can pay bills, credit cards, transfer money and view account balances.
The list of companies embracing this innovative technology with unique examples is endless. Is the explosive growth of “apps” and downloads enough to drive the mortgage industry to begin developing innovative and compelling applications for borrowers? There is already a number of mortgage calculator “apps” but very little in terms of innovative “apps” that truly engage borrowers while driving home brand recognition for lenders.
Share with us your thoughts on mobile “apps”. Specifically, do you see the mortgage industry embracing these tools to increase application volumes? Do mobile “apps” increase brand awareness and distinction for companies when done right?
Do you have an innovative mortgage “app” that you want to share with us? We welcome your thoughts and opinions regarding the use of mobile “apps” in the mortgage industry.
