We live in a world where everything is more accessible. With increased competition in every industry, companies are striving for processes that are smoother, more streamlined and pain free. They are making it easier to purchase products and renew policies with “frictionless” processes across all their journeys and customer touchpoints.
The mortgage industry is no different. We have become more automated, paperless, multi-channelled, real time tracking of cases and provide responsive web designs so brokers can operate in the office and on the move. Whether a technology provider, bank, lender or building society, we are all looking to provide the best products with the fastest and easiest process, but there is always more to achieve.
Many companies seem to spend a lot of time plotting their customer journey in great detail, but then they fail to ‘feel’ the pain points of the journey. During a mortgage application process there are many points where improvements can be made. We need to ask why the customer has to stop and provide additional data, why does the customer need to answer these questions and why are these manual steps required. An application can wait for information required by the customer, broker, packager, lender, property valuator and the list goes on.
There are now new technologies provided by fast growing community of third party service providers that support a much more seamless journey. We should make every effort to go a step further, become further automated and identify points of friction. Outside of the portal application capture journeys there are other processes that take too long. For example, the whole industry needs to work together to support valuations and the conveyancing process to be smoother, more integrated and above all faster.