"If you get that gut feeling that something isn't right about your company's competitive advantage or situation, trust it and do something about it." - Matt Slonaker
Hello executive leader.
Is this you? Thinking about your competitive position in this market? What are the strategic bets you are making to not only survive it but massively transform your results?
Great 2023 report out by Boston Consulting Group (BCG) and sharing the brief with many of my prospects/clients based on the pertinent trends and even more valuable the predictions. One stat that stood out to me: 2023 market forecast of $1.5T would also mark the lowest total origination value since 2014 ($1.3T).
So begs the questioning, what the hell are you doing about improving your competitive positioning?
So not assuming we are all operating on the same page, let's define in detail: Generating a competitive advantage in the mortgage market requires a comprehensive strategy that takes into account the current market conditions, customer needs, and the market competitive landscape.
To begin, it is important to understand the current market conditions and customer needs.
This includes researching the current mortgage rates, the collateral values, types of mortgages available, and the customer preferences.
Additionally, it is important to understand the competitive landscape, including the types of lenders and products available.
Once the current market conditions and customer needs are understood, the next step is to develop a strategy to differentiate your company from its competitors.
This includes your offering of competitive products and rates, unique products or specialized services.
Additionally, it is important to focus on customer service and providing a superior customer service experience. Move beyond what's out there today.
Do a scan and leverage third party providers to help in this process.
More competitive strategy insights here to help: https://lnkd.in/gZvcXhz6
Sourcepoint’s positioning is based on the company’s strong mortgage and loan services business, which is delivering a diverse set of engagements across a broad range of financial institutions.
The report ( https://lnkd.in/giyUgBwH) highlights the following strengths for Sourcepoint:
Licensing capabilities for originations, servicing, title, and collections
Due diligence services for capital markets and secondary markets counterparties
Digital offerings for quality control and post-closing services for top tier and mid-tier lenders
Large client base in the U.S. including large depository institutions, independent mortgage bankers, small banks, and credit unions
Long-term experience with the largest UK lender across multiple lending products
Get that strategy going and better yet...executing it!
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