Digital Mortgages Made Easy: Lessons Learned from 6 of the Top 10 Mortgage Companies
Customer expectations are defined by their most recent experience, whether that experience was calling an Uber with a single click, ordering groceries with Instacart or scanning their mobile boarding pass. So when it comes to buying a home, with its infinite complexity and poor customer experience, is it any wonder that customers remain frustrated with the digital experience, consistently ranking the industry at the bottom of the pile?
And to make things worse, when it comes to mortgages, customers have a very low tolerance for poor experiences, due to the high stakes and inherent complexities of the process. The offline mortgage engagement provides ample opportunities to explain complex concepts to customers and to provide the necessary hand-holding through an often-intimidating process. Migrating customer interactions online while replicating that trust will take a more carefully-designed experience than simply providing online forms.But it’s not all doom and despair. There is a silver lining: Customers are clamoring for digital experiences, and the rewards for getting the experience right are substantial: Studies show a 20% cut in time-to-close and a 25% drop in default rates for digital mortgages over traditional ones. Add to that fewer human errors, fewer agents involved for customer support, and much less paperwork to push around, and you’ve got good reason to invest in dynamic, well-designed interaction processes that yield a first-class experience for users who migrate online.
Offering outstanding digital experiences in such a complex space is a tall order. Mortgage companies need to truly understand their customers, and then leverage that understanding to design services to most effectively engage those customers with minimal friction. The path to achieving this is long and winding, but it is actually possible to find quick wins along the way – even before the solution is completely polished and fully operational. These quick wins are essential, not only for their short-term value creation, but also because they help keep the momentum in what can sometimes appear to be a Sisyphic transition.
Perhaps the biggest challenge in improving customer engagement around digital mortgage services is the undeniable reality people don’t like to read, whether on-line or on paper. Simply digitizing massive amounts of confusing financial text – even customized per person – isn’t the answer. Luckily, there is a solution that can solve this problem and deliver immediate results: Personalized Video.
In our White Paper, we walk through various examples of such quick wins, obtained by market leaders including Quicken Loans, Guild Mortgage, J.P. Morgan Chase, United Wholesale Mortgage, Mr. Cooper, PennyMac, AFN, Barclays, USAA, Navy Federal, KBC and others. We will discuss how they solved their customer engagement challenges at key points in the customer lifecycle such as escrow statements, customer onboarding, customer care, closing disclosures, and more.
We will show how these market leaders created immediate value by simply tweaking their CX and introducing data-driven video into their communications mix. By leveraging the power of Personalized Video, these companies: