Insights4 Must-Haves for Consumer-Facing Digital Mortgage Solutions

Increase revenue by prioritizing the consumer digital mortgage experience

Traditionally in the lending industry, operating platforms, processes and reporting have been built to serve internal operational or sales needs. These platforms drive efficiency by providing full views into loan volumes, pull-through rates, turn times and sales pipelines. Fortunately, they also provide a strong foundation for the implementation of external-facing applications. This groundwork is important because today, consumer-first strategies are essential.

In a highly competitive mortgage industry with increasingly thin margins, improving the consumer experience represents a major opportunity. In fact, Dimension Data reports that 84% of companies who focus on improving the consumer experience are reporting an increase in annual revenue – driven by higher consumer loyalty. Forbes notes that consumers specifically value usability and convenience in their mortgage experience.

But what do usability and convenience actually mean? Tech-savvy customers expect digital solutions. However, just going digital isn’t enough. Today’s borrowers expect up front pricing, easy-to-use technology and transparency into the mortgage process. They crave information, and they’ve also come to expect seamlessly implemented functionality, developed by fintechs like EXOS and utilized by lenders.

When you implement your digital mortgage solution, the consumer will be using previous experiences with other companies as their benchmark for satisfaction. This has led to the bar constantly being raised, and successful companies are the ones working to keep pace. Four key components of a positive consumer experience include:

1. Intuitive UI: Onboarding consumers to your digital solutions should be easy – for you and for them. Ensure your UI is easy-to-use and intuitive. Any new applications should plug in easily to your existing digital strategy.

2. A consistent experience across channels: According to Gladly, 71% of consumers want a consistent experience across all channels. Only 29% report getting one. Providing the same functionality across desktop and mobile channels is an important point of differentiation. Additionally, consumers increasingly engage with wearable and voice technologies. Adding wearables and voice to your lineup and ensuring that the experience is the same across channels will set your solution apart.

3. Balance personalization with AI: AI investments are continuing to rise and chatbots are becoming increasingly ubiquitous. This is great for increasing operational efficiency and providing quick, convenient answers to common consumer questions. However, even today’s digitally-oriented consumers appreciate the option to communicate with a human when necessary. Your technology should be combined with a human touch.

4. A complete digital journey: Build consumer loyalty by using one platform for every step of the mortgage journey – including application, appraisal and closing scheduling and servicing. Deepening the digital journey in this way increases consumer trust and demystifies the mortgage process. For example, EXOS, enables a complete digital mortgage experience by enhancing critical consumer touchpoints throughout the entire mortgage lending cycle. This will not only enhance your relationship with your consumer, but also reduce cycle times and improve quality.
Learn more about how EXOS provides an exceptional consumer experience through every step of the mortgage journey at Developed to drive performance and differentiate our core ServiceLink businesses, EXOS is now offered as a cloud based, private label commercial technology solution to lenders and servicers to complete their end-to-end consumer digital needs.

Contributors: Mikhail Cook, Sarah Kapis, Casey Shea, Melinda Maloney

The material presented herein is of a general nature; opinions expressed herein are subject to change without notice. The information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy.

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