How to use automation to increase customer satisfaction
We all know the mortgage lending process is complex; every piece of data must be double and triple checked to ensure the consumer’s privacy and the lender’s compliance. However, consumers expect a seamless, efficient, and easy process from start to finish. Lenders must constantly evolve their processes to keep up with consumer’s demands for simplicity. And in light of the events of the COVID-19 pandemic, borrowers are expecting lenders to offer a process sensitive to social distancing without sacrificing speed or service quality.
There is obvious value in automation from the lender’s standpoint, increasing the bandwidth of their resources by reducing cumbersome manual processes. But what are the downstream impacts on consumers?
Bringing together automation and customer service
Loan officer productivity and customer satisfaction go hand-in-hand. When production employees get bogged down with time-consuming tasks, the consumer experience is degraded. While they’re waiting - sometimes for days without clear communication from their loan officer - consumers are likely to get frustrated and may even shop around for a better deal elsewhere. If a lender can provide clarity and speed to certainty, through offering digital conditional approval, for example, they can delight consumers and retain business. Another risk for lenders is an unsatisfied customer is more likely to leave a negative review online. In such a case, they may point to the lack of adequate automated process, or slow customer engagement times, as a pain point they experienced.
Unifying disconnected systems
Disparate digital solutions leave loan officers with few options for improving customer service. They often have no choice but to work with multiple tools and systems that hinder their ability to provide consumers with timely and actionable responses. This not only frustrates the consumer but also increases the likelihood of data being entered erroneously, with many systems in play at once.
A sophisticated digital lending platform integrates tools into one intuitive system where loan officers can accomplish their needed tasks and communicate directly with their customers. The efficiency gained by staying within a single platform throughout the loan origination process not only makes the loan officer’s job easier but also supports a better customer experience.
One example of a necessary integration for a digital lending platform is the lender’s LOS system of record. A bi-directional integration to the LOS to accomplish core tasks like signing disclosures and managing documents is critical to improve efficiency for loan officers and minimize the need to switch systems. A loan officer who is unencumbered by manual processes and inefficient systems can spend more time engaging with their customers and making the process better for consumers.
Automating a better consumer journey
Consumer interest in completing mortgage transactions digitally has increased steadily in recent years. According to the Mortgage Bankers Association, 83% of mortgage companies reported that at least half of their applicants used e-signature in 2019, up from 73% in 2018. Usage rates of digital document upload and digital application completion likewise increased. A digital lending platform can automatically update consumers about their application status and the next steps and makes it easier for loan officers to receive, process, and act on consumer documents.
For example, rather than using multiple tools to check consumer credit reports and access product and pricing information, a digital lending platform enables production staff to take care of everything and communicate with their customer in one central location. This makes the process user friendly and convenient for the consumer and leads to increased customer satisfaction overall.
To learn more about how loan officers and customers can benefit from digital mortgage automation, and see how Roostify integrated with LOS, Credit, and PPE systems throughout the origination process, reach out to our team today!