Phillip King, Vice President, Principal Product Manager, EXOS Valuations at ServiceLink, recently spoke with Bank Director about how real estate lenders can improve their customer experience through digitization. Watch the complete interview here.
According to ServiceLink’s Phillip King, customer expectations for a seamless digital experience are set by their interactions outside of the banking space. He says that during the mortgage experience, lenders should aim to mirror the digital experiences their customers experience through ridesharing apps, meal delivery services and more. In an interview with Bank Director, King shares how recent consumer survey data accentuates the importance of infusing digitization throughout the mortgage process. He highlights insights from the 2021 ServiceLink State of Homebuying Report, including data that shows consumers’ positive perception of technology in the homebuying experience. King notes that 68% of consumers said technology has improved their perception of the homebuying process.
Throughout the interview, he explains how lenders can apply that data by infusing technology into their origination process and notes which aspects of mortgage origination are primed for modernization. He answers:
- What do today’s customers expect from their lender?
- How important is it to tie together in-person interactions with self-services? How can banks execute this seamlessly?
- Over the next few years, how do you expect the mortgage lending experience to further evolve?
- How should banks prioritize technology enhancements to the mortgage lending experience?
- How is mortgage demand trending, and how do you expect that to continue through the rest of the year?
Throughout the discussion, King advises that no matter what specific technological developments take place, lenders must continue to prioritize the customer experience. To hear more from King, watch the complete interview.