The mortgage industry seems to have adapted to the pandemic-induced digital process and now the focus is to review the current automation to ensure that the temporary fix was a wise permanent solution. One gap that has been identified is that automation cannot replace the relationship-building aspect between the customer and the lender. How does the customer feel about their overall experience with the end-to-end mortgage process? Will they do future business with the lender or refer a friend or family member?
Customer satisfaction is the best source of advertisement and referral for future business, especially when social media is the preferred outlet for people to voice their immediate and impactful opinions to an unlimited audience. This is why it is beneficial for any brand or business to be consistently tuned-in to the customer’s mindset. Also, customer feedback provides information needed for a lender to continually improve the standard of service.
The mortgage industry is like most businesses where data-driven key performance indicators (KPIs) are established to ensure extreme efficiency, adherence to regulations, maximum revenue, and overall consumer satisfaction. Technology can track and provide individual or accumulative loan data for KPI reporting and business decision making, such as average cycle time, average loan value, or incomplete application status, all of which are numbers-driven. But obtaining the customer’s opinion of their experience and using the information productively to elevate the brand requires a more intuitive approach. With the advantage of the new digital mortgage process also comes the lack of human interaction to easily identify and reinforce successes or remedy issues.
There are many ways to do a quick satisfaction touch-base with a customer throughout the self-service mortgage process. A text, email, or telephone call is sufficient. Also, consider enlisting the efficiency of the current technology by adding the option of a quick 1-2 question survey throughout the different stages of the process or push notifications to check the satisfaction level. Regardless of the type of communication, it is imperative to touch-base frequently and develops a method of tracking the responses so you can identify common strengths and areas of opportunity.
Once the closing is completed and the anxiety of the process has diminished but the details are fresh, I strongly recommend that a lender provides a survey channel to their customers so they can share their mortgage experience. Willingness to listen, good or bad, indicates to the customer that their opinion is valued by the lender which will likely lead to a long-term relationship and referrals for future business. Survey questions can be geared towards previous key-learnings and the data accumulated, reviewed, and utilized to form necessary changes in the business.
The final step: Express appreciation to the customer for their survey responses and follow-up to complete unresolved issues. The future of the mortgage process is digital but without the personal touch and relationship building, the churn rate could be cost-prohibitive. As the old saying goes, you can’t manage what you don’t measure.
Written by Kourtney Manley, Business Analyst at OnlineApplication