December 30, 2019 – Check out our latest industry article ("Vendor News & Views") within the Mortgage Bankers Association MBA NewsLink publication. Find the original article from last week HERE
The themes for this edition of our ongoing article series are:
- Technology is blurring lines, enabling innovation and expansion of traditional business boundaries between B2B & B2C
- Focus on a subset of vendors whereby each have an intriguing model adding value to clients – and substantially serving borrowers too.
- Variations in models: Combined B2B & B2C, as well as 'hybrid' versions whereby lender clients buy vendors solutions as a result of the borrower benefit and impact, with the vendor not having a direct channel to consumers.
- Are your truly covered adequately for cybersecurity risk? Many misconceptions exist.
The article profiles:
Beyond reviewing these hybrid operating models, there is some very intriguing information on how these four vendors add value to lender clients, including;
- a new revenue stream, while solving an age-old pain point in the closing process
- some critical clarifications on how you are covered (OR NOT) when it comes to Closing Protection Letters (CPLs), E&O and cybersecurity insurance. You need to understand your financial and reputational risk profile, ensuring you are not harboring a false sense of security... and finding this out when it's too late
- SOC2 and Day-1 Certainty certifications
- The era of the "Influencer" in sales and marketing
IN SUMMARY
See your third-party suppliers as more than just 'vendors.' If they are not value-added business PARTNERS, helping you to become bigger, better, stronger and faster, why are you engaging with them at all? Vendors generally possess an enormous amount of market intelligence, as they support many clients and see the 'best of the best,' and the dreadful. Are you tapping into that priceless consulting resource to help you build a better mouse trap? Ask them how you stack up against the competition via:
- Technology and systems
- Operating model (e.g. processes, policies and procedures)
- Quality / Expertise of staff
- Service delivery (results)
Caution – It is my experience most people will tell you exactly what they think you want to hear. It's the easiest and safest thing to do... and is also void of any value whatsoever. You have to cultivate a relationship whereby your vendors trust they can be honest with you.
Thanks for reading.
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