Junk Submissions Getting Your Underwriters Down?

We’ve seen it before, junk files getting your underwriters down…When a lender is concerned about how many submissions they can get from the ISOs/brokers we help them sign up, the real question shouldn’t be so much about quantity but more quality of submissions. The human capital cost of sifting through hundreds of junk submissions is expensive to say the least. Every lender understands how submissions go with brand new ISOs, you typically get every junk file that’s been sitting on their desk for the past six months. We are going to suggest a couple helpful tips to help you educate your new ISOs and hopefully reduce the junk files you receive from new ISOs/brokers.

Create a training platform

Many lenders write this off and under value the development of a training system or platform for their ISOs. The training platform can also serve as a communication portal for ISOs. Having a training platform where ISOs can log in and learn the ins and outs of your financial service products increases the viability of your lending source as well as provides intentional guidelines for your funding programs. The more educated your brokers are, the less junk files you may receive as a result.

Create targeted campaigns

In addition to creating a training platform, leveraging targeted email campaigns to communicate the guidelines (what types of files you’re looking for) is critical to reducing junk files right from the beginning. Using the behavioral marketing method helps you stay in front of your ISOs based on their behavior. For example, if an ISO clicks to apply to become an ISO on an email campaign, there are softwares available that will tag the prospect then track their behavior on your site. When the prospect’s behavior is tracked you can then set up automated campaigns based on the prospect’s behavior. Another example, if an ISO clicks to apply then fills out the form on your website to become an ISO and then submits the form, upon sign up and completion of your ISO agreement they could automatically start an ISO training campaign.

Tying in a training platform with behavioral marketing campaigns is one of the best ways to reduce junk files through education and repetition. FinServe provides behavioral marketing campaign services as part of it’s Business Development Marketing Program. We can also provide consultation and planning for your training platform if needed.

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