How To Build Trust With Consumers in the Age of Digital Closings

In 2020, mortgage closings went from traditional in-person events to revolutionary remote experiences. With states implementing emergency orders allowing for online notarization, many lenders altered their workflows unexpectedly.

Ultimately, the changes that came about due to the COVID-19 pandemic will have a long-term positive impact on lenders and consumers alike. As digital mortgage solutions become the standard, eClose technology will play a fundamental role in improving the customer experience. Lenders must now consider how to build and maintain trust with their customers as digital transformation continues to alter the mortgage landscape.

Understand what consumers want from the mortgage experience

Digital technologies have transformed the way consumers communicate, do research, shop, and bank. While the mortgage industry has been slowly moving toward a fully digital evolution, it hasn’t made it there yet. The pandemic, however, has forced the industry to act more quickly.

For mortgage consumers across generations, digital mortgage closings are attractive for a number of reasons, including safety and convenience. In one of our previous articles, we discussed how the top benefit of online closing for lenders and mortgage customers is convenience. Lenders that leverage a digital lending platform can provide a mortgage experience that is on par with other everyday consumer activities such as making remote check deposits. 

According to a May 2020 survey of bank customers, 78% said they trust their banks to do right by consumers. When it comes to mortgages, maintaining consumer confidence comes down to leveraging the right technology and listening to consumer feedback.

Find a partner that can help you overcome technology barriers

Building trust with customers is essential to building loyalty. Lenders need to deliver value at every step of the mortgage process, from the moment consumers start shopping for rates to the final closing meeting. 

Whether you’re integrating eClose into your existing process or you’re completely overhauling your tech stack, you need a partner who understands how to build and maintain user trust. With the right partner, you can ensure that you develop an experience that generates feelings of trust.

Knowledgeable partners also understand the regulatory framework that lenders must navigate. No two states have the same eClose requirements, which means lenders need a partner that can help them develop an experience that complies with applicable laws while also offering customers a world-class experience. Lowering and eliminating compliance risk is key to developing a trustworthy customer experience.

Monitor and improve your mortgage experience with user analytics

One of the primary benefits of working with a technology partner is the ability to tap into long-term support. 

A partner can help you monitor user interactions over time — analytics that can be used to improve all aspects of the digital mortgage experience. These data points, among others, can also make it easier to adjust your mortgage process to make it more engaging.

Overall, customers can experience a more satisfying buying process.

Every aspect of your consumer experience is connected. Your mortgage customers may already bank with you, or they might be in need of additional services down the road. When every interaction is intended to build trust, you’ll have more opportunities to keep consumers within your branded ecosystem.

Ready to improve your mortgage experience and win the trust of your customers? Sign up for a free demo of the Roostify platform to learn more.