I read an interesting article this morning that prompted today’s blog post. Essentially, “mortgage brokers need to continuously be researching and developing new ways of doing business” so as to not get “Netflixed” out of business. If you know me at all, or have done business with me already, you know that I am continuously developing new ways to serve you, on any given day.
This article is very relevant, as not just business, but everything, is changing and shifting. Since the evolution of social media and web content, in general, there is an unending supply of free information. Not all of it is good, but it is available none the less.
Here are the more significant segments of the article:
Mortgage brokers need to start looking at new business models or risk being “Netflixed”, says innovation expert Saul Kaplan.
“Netflixing” explains Kaplan, is what happens when your business model is disrupted, as was the case with movie giant Blockbluster when Netflix came on the scene.
“Blockbuster got Netflixed,” says Kaplan. “Billions of dollars of shareholder wealth got destroyed because they were so busy working on their current business model they allowed a new business, one that really didn’t invent anything new, to disrupt them.”
And the mortgage broking industry, warns Kaplan, is a prime target for Netflixing.
“All of the fundamental aspects of the financial services industry have the opportunity for business model innovation.”
“The time to do this is when times are good, it becomes much more difficult when times are tough. I think leaders need to become comfortable with this idea, because if you don’t do it, someone else will.”
I will continue my commitment to you to continuously develop new ways to serve you, as that is at the core of the GLM Mortgage Group. We are here for your best interests, not our own.
If you have any questions about our services, please don’t hesitate to get in touch with us.
