Exceeding Borrower Expectations
As the landscape of borrowers’ profile changes where millennials are becoming prominent in the home buying process, lenders must differentiate themselves on quality, speed, and innovation to match the expectations of this generation of home buyers. Lenders that fail to do so will be quickly left behind. Statistics show that 99% of millennials are going online to search for homes and 58% of them found a home online. The importance of borrower engagement Borrower engagement is quickly becoming a key differentiator for lenders. Intangible products like mortgages rely almost entirely on the client experience to create the positive emotional cues that improve brand perception, and engagement is a big part of that experience. Simpler, quicker, and more convenient interaction can easily set your organization above your competitors. Leading mortgage firms are rushing to meet borrowers’ rapidly increasing demand for digital and mobile services. Organizations that continue to rely on traditional methods of borrower engagement will find themselves unable to attract today’s increasingly sophisticated and well-informed buyers. The borrower experience must be consistent, engaging, and delay-free. Lenders must find ways to unify the channels they use to communicate with the borrowers. Luckily, various digital technologies and technology-led services exist that help lenders achieve these objectives. Enabling a consistent experience Using inconsistent and diverse communication channels is an ineffective way to manage the borrower engagement. For example, if different software applications or IT systems are used to manage borrowers’ call logs, emails, text notifications, and status updates, it can create inconsistencies and data