Millennials expect to be able to conduct all of their business on their smartphones, including mortgage shopping, and in three years the Canadian Mortgage App (CMA) has become a staple of the nation’s mortgage market. The CMA’s growth clearly shows that proactive brokers and brokerages are listening to the shifting markets and taking advantage of the online space.
The CMA is proving to be a popular choice with some of the leading brokers in the mortgage and real estate industries, and in the first quarter of 2016 there was a 54% increase in the app’s usage when compared to 2015. With over 270,000 registered users and 2.2 million sessions, the app’s founder and CEO of Bendigi, Ben Salami, is pleased with how the Canadian market has responded to his app.
“I was surprised when the app jumped into the top 25 finance apps, because some of the professionals I spoke to were slightly skeptical when the app launched,” Salami says. “But our numbers have seen a continued increase. Consider this: there are around 600,000 homes sold every year and the Canadian Mortgage App has around 120,000 active users per year.”
Salami believes that his team’s ability to update the app whenever an industry change occurs is a major reason why consumers and brokers give such good feedback. “We also do a lot of surveys to find out what consumers and brokers want and expect,” he says. “This helps us know that we’re delivering something that offers added value both now and in the future.”
A recent update has added a LinkedIn type feature to the CMA. Salami and his team noticed an opportunity to streamline the way brokers communicate and collaborate with their consumers and industry partners. The update acts as bridge between brokers and consumers and enables brokers to create their own profile and share it with clients. “Each broker’s network is also shared with a client, who can then take advantage of the professional partners that the broker is linked to online,” Salami says. “It allows brokers and buyers to collaborate on a specific platform or app, regardless of their industry. This is something that doesn’t exist anywhere else right now.”
In tomorrow’s CMA feature: learn how brokers can get their very own pro app.