Consumer-Facing Mortgage Systems: 3 Steps to Improve the Customer Experience
Several months ago I was listening to a panel of mortgage experts describing the current state of technology, the roadmap for the industry, and how their particular companies fit in. Two of the speakers were concentrating on how data standards and robust integrations were paving the way for greater efficiencies and this is where the industry needs to focus. The third speaker proposed what he said was a contrarian view, and that the customer experience should be of greater focus, and the technology should be to enhance the consumer experience.
#1) The Web Platform Manager - AKA the "Air Boss"
On an aircraft carrier, one of the most important positions is that of the Air Boss. They are responsible for all aspects of aircraft operations on the carrier. Similarly, the Web Platform Manger is responsible for all aspects of applications being submitted over the internet.
When I first implemented a solution for taking online applications, we spent all of our resources in designing the site to have the proper look and feel, testing to make sure the connections between the web application and the LOS were configured correctly, and making sure we were in compliance with all appropriate regulations. We configured and tested the site in less than 45 days. On day 1 we received 5 applications within the first few hours, and that's when things started to fall apart. We had spent so much time on the technical side, we neglected to make sure the workflow process would be as robust as the website. We took the site down that morning, and did not launch it again until we had the back office workflows figured out.
The best thing we did was to create the role of the Web Platform Manager. This individual did several things to make sure the customer experience was as good as it could be. She would constantly monitor all applications on the site, and follow up with applications that were started but not submitted. She would work with customers who needed guidance on how to navigate the site, and answer their questions. She would monitor applications that were referred to originators, and make sure that all follow through occurred. She took ownership of the customers and their applications, like the Air Boss, until they were in the LOS, and made the program the success it still is. This convinced me how important a strong and active Web Platform Manager is in maximizing the customer experience.
#2) Fresh Content
As lenders we spend a lot of time initially designing our web presence, but I think we tend to let our sites get "stale." The solution vendors provide a multitude of tools giving you the ability to keep content fresh. Most of the content changes can be performed by end users, or submitted to the vendor through a simple change control process. Successful lenders regularly review the content on their platforms, and regularly make updates as appropriate.
#3) Mobile
Most vendors now are making their solutions mobile friendly, or what is known as device agnostic. Lenders want to make sure their site renders well on any device - computer, tablet, or phone. If your vendor supplies options for optimizing your site for mobile devices, take advantage and implement them. There are also free tools you can use to see how your site renders on any device. I always thought that a lot of the options for mobile devices looked intriguing, but that you wouldn't actually want to apply for a loan on a phone. My moment of enlightenment happened just recently when my son asked for help preparing his tax return. He was doing it on his iPhone. There is a whole generation of customers coming who will go through the entire real estate transaction process using their phone. If you are not ready as a lender, they will go to someone else.
Your Air Boss, your fresh content, and your mobile presence. These are three of the best ways to enhance your customer's experience.
If any of you are going to a certain LOS conference at the beginning of March in Las Vegas, and would me to buy you lunch, please email me (pbates@scapartnering.com). And for anyone going instead to LOS training (also in March) out in Pleasonton, California, SCA is sending Lance McGrath in case you're interested in meeting up and buying him lunch. Feel free to connect with him at lmcgrath@scapartnering.com.
"March 4th. The only date that is also a sentence."
- John Green
