Reimagining the customer experience

In today’s fluctuating homebuying market, every opportunity counts for mortgage lenders. In our new eBook, entitled “Reimagining the customer experience”, we explored the many reasons why today’s borrowers do - and do not - choose a lender. According to recent borrower data, thirty-seven percent of newer homebuyers only considered one lender when shopping for a mortgage. As such, first impressions are critical. Also, with sixty-three percent of recent homebuyers stating that they found their lender through a referral – thirty-two percent from family and friends, and thirty-one percent from realtors - delivering a great experience throughout the process is also imperative. In fact, borrowers consider an exceptional customer experience almost as important as getting the best rate. All of these factors make now the perfect time to assess, repair and upgrade your customer experience. By investing time and resources into your approach, you’ll position your organization to increase market share and turn an emerging generation of homebuyers into customers for life.

The experience customers really want

Did you know that sixty-two percent of consumers said that their experiences with one industry influenced their expectations of others? That means they expect mortgage lenders to provide the same level of quality they get from their favorite retailer or hotel. Their top expectations include immediacy, omni-channel options, convenience, mobility, personalization and guidance. By providing these important elements, you can keep your customers engaged throughout every step of the mortgage process.

Building borrower trust

It’s easy to think that if your mortgage experience is getting no complaints, then it is working. But that would be a mistake. Periodic customer surveys don’t tell the whole story. “You have to inspect what you expect — to really evaluate the end-to-end experience each step of the way, from the borrower’s perspective,” said Davood Dashtizad, Principal Consultant for ICE Mortgage Technology®. A great way to get a true picture of that experience is through Secret Shopping. This is a technique used by many consumer brands to compare the customer experience at various locations. It involves acting like a customer of a given business or brand for the purpose of gathering data about every interaction experienced while making a specific transaction. The Secret Shopper then reports that information back to the business. Using the insights gathered, you can identify areas that need to be improved, and how to prioritize and execute those improvements. By determining the factors that may be negatively impacting your customer experience, you can take a holistic change management approach to course correct.

Not all customers are alike

It’s important to understand the experience requirements of each type of customer you have. This will help to ensure that you have the right technology and processes in place to support varying customer journeys, and that you are collecting the right customer data to tailor your communications to meet their needs. Doing so can help you leave a positive and lasting impression at every touch point. Download our eBook to learn more about how to deliver a world-class customer experience that will help you increase referral and conversion rates, and elevate your brand.

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