Customer experience - the differentiator in US Mortgage industry

 

Author - inflooens
Date: 08/28/2020

 

A customer experience is a way the customer engages and experiences to your product or service. In Banks, Financial institutions its of paramount importance because its a ongoing process specially when associated with Mortgage.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett

As Covid19 grips the US economy, the Fed has cut its target for federal funds rate ,the rate banks pay to borrow from each other overnight, by a total of 1.5 percentage points since March 3, bringing it down to a range of 0 percent to 0.25 percent. This has got a new nucleus to virtual lending - Mortgage. The heat is felt by all those Financial Institutions who have yet not adapted digital transformation in Mortgage. With record numbers of consumers now seeking to refinance and home buyers taking advantage of ultra-low interest rates to enter the market, there has never been a better time for banks, mortgage lenders, financial institutions and credit unions to make their mortgage operations virtual-friendly.

Loan origination process is transforming like never before in a competitive market in these unprecedented times. Mortgage has taken a centre stage and is a ‘profit excavator’ in Banks, Credit Unions, Financial Institutions, Mortgage Lenders in North America who are yet not using technology.

Recently, McKinsey conducted a survey of more more than 1,200 residential mortgage customers to better understand their experiences and how banks and non-banks can deploy technologies to improve those experiences. Only 42 to 67 percent of borrowers say they are satisfied with the mortgage process, and banks fared worse than non-banks, lagging by about 20 to 30 percent.

As customer experience is the nucleus in Financial institutes so must be of the banks to experience customer mindshare. At finch startup inflooens we worked on the same concept, over last three years. US banking customers are expressing new demands and expectations from their banks as traditional banking customers is declining and digital transformation in Mortgage operations is the key.

 

This gives loan officers four major pointers when they implement customer experience in their eco-system of digital transformation. World’s smartest Mortgage CRM inflooens is an exact fit as it fits in the process to peak your customer experience. Here are five value additions that loan teams should look that will help in building more trust and acquiring more customers in these challenging times.

1. Truth True 360 view of customers, partners and loan lifecycle. Compliance need to be integrated into the core of the banking. Optimized and consolidated IT costs with easy subscription model.

2. Efforts Customers are looking for ‘same day loan approval’ agency. Loan officer needs outcome based automation.

3. Transparency Its is all about trust and building it in every process of loan management.

Transformation is a cumbersome mortgage process but a super-efficient with the inflooens “Loan Team Optimization Platform”!

With an approach of “Innovation as a Culture” combined with the philosophy to extend human abilities via stunning, intuitive designs, fintech start-up inflooens aims to become the one stop shop to help you close loans lightning fast.

We achieve this via the inflooens Application suite and our Empower Framework powered by the Salesforce platform to address end-2-end lifecycle of the mortgage origination and post origination process.

The inflooens Loan Team Optimization Platform Features

  • Mortgage CRM
  • Client Portal
  • Sales Performance Management
  • Pricing and Quotation
  • Loan Origination
  • Post-Closing Automation
  • Predictive Analysis
  • Loan and Servicing Center

Do check out www.inflooens.com for more details on how you can improve productivity and increase your customer experience thereby acquiring more customer smiles.

Team - Inflooens