3 ways an integrated product pricing engine improves the consumer experience

3 ways an integrated product pricing engine improves the consumer experience

article

An optimal digital mortgage experience has historically been hindered by process inefficiencies and siloed systems, such as the inability to search, share, and add pricing information directly into a digital lending platform (DLP).

In many instances, to deliver product and pricing information, your loan officers need to access their product and pricing engine (PPE) or Loan Origination System (LOS) and export data to an email or give their customers a phone call to share results. Meanwhile, your customers may be researching rates with competing lenders. 

To deliver a better customer experience, you must ensure consumers can get pricing information with as little friction as possible. If they can do so by self-serving on your website and immediately jump into an application with product information pre-filled, loan applications move faster and lock sooner.

A thoughtful and configurable PPE integration helps loan officers maintain engagement and improve the consumer experience in three key ways:

1. Fit the Consumer’s Schedule

Digital channels are the standard way consumers conduct research and apply for loans. In a recent survey, 92% of all recent mortgage consumers said they did online research before speaking with a lender, and 43% completed the entire loan process online. Most of this online research is driven by finding the lowest rates and best products to suit their needs. 

These days, consumers are looking for mortgage information day and night, often outside of regular business hours. Roostify platform data suggests that nearly 30% of all applications were submitted outside regular business hours. And if those consumers needed to make a call to speak to someone to get a preliminary rate quote, precious time would pass, giving them time to shop rate with other lenders.

By integrating a product and pricing engine into your digital lending platform, you can allow consumers to make an informed decision on which product is right for them, apply smoothly, and upload any required documentation in one sitting.

2. Prefill Information

The more human touchpoints are required to collect information, the more likely there are opportunities for mistakes. Today some applications are still completed over the phone, and it’s up to the loan officer to correctly enter the data. A DLP with a self-service application experience mitigates a lot of the risk for inaccuracies, but lenders can still do better. 

With data integrations, you can pre-fill application information for the consumer from known consumer information. Even if you do not have an existing relationship with the consumer, mortgage calculators or product and pricing selectors on a lenders website can still capture information and pre-fill applications. For example, a consumer visiting a lenders website can use their online product selector to check product and pricing by providing some basic personal information. Once they are satisfied with a product option, they can immediately jump into a full application with all of the information they've already entered pre-filled.

3. Support Mobility & Distance Requirements

Modern consumers expect user-friendly mobile solutions for all of life’s challenges, especially since the COVID-19 pandemic. And with the jump to digital in full swing, the move to fully mobile experiences will happen even faster. Indeed, the total share of web traffic from mobile devices jumped from 0.7% in 2009 to 52% in 2020

When it comes to the mortgage experience, consumers want quick answers to their questions and information as they need it - whenever and wherever they may be. And with more and more transactions moving to mobile with no sign of slowing, lenders can win consumer preference by offering them a premier mobile experience. 

With a digital lending platform built into a responsive website, consumers can access all functionality across any device they choose. So as pricing changes in your product and pricing engine, that pricing goes live to their consumer’s mobile experience in real-time.



Get your free copy of our product and pricing automation eBook to learn more benefits of integrated PPE solutions.

NEXT ARTICLE

How will AI impact the mortgage industry workforce?

Smarter lending made simple

Request a Demo