![]() Thus they lose the insights from all that data to drive a better customer experience.īut not every bank can invest in a centralized customer data platform. It’s often difficult for traditional mortgage lenders to see the entire customer journey because data is dispersed between multiple channels and touchpoints. They can also help identify emerging risks, such as customers that are likely to switch to other providers for better rates or terms. Data tells the storyĭata-the information captured within your four walls, including structured and unstructured data-as well as data from external sources-can be aggregated, and using AI and ML models, predict applicant behavior and flag at-risk loans. The good news is that with the advent of software technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), a digitized mortgage process is made faster, smoother, cheaper, and more accurate and compliant-pleasing both the borrower and the lender. In contrast, borrowers want an online loan application experience with user-friendly processes, transparent pricing, minimal information uploads, quick closure-and to be notified of their status at every step of the application process.Īll technology improvements should be regarded in the effort to satisfy these customer expectations. Customers are repeatedly asked the same questions, papers are shuffled back and forth between departments, and rigid conformity to redundancy creates never-ending delays. It is also one of the most complex and bureaucratic. Getting a mortgage is one of the most significant decisions made in a lifetime. Next-level technology-from the customer’s point of view Much of the mortgage industry is still fragmented and labor-intensive and rarely does the customer have a seamless experience. ![]() Yet, despite notable progress, improvement remains incomplete. Add a global pandemic that requires social distancing to the mix, and you have the perfect storm for industry disruption.Īgainst a rapidly shifting landscape, lenders have responded to the growing need for lowering costs and improving service by adopting new technologies and addressing underlying processes. An insight brief from KPMG Connected Enterprise for Banking.Ī surge in home buying, coupled with dramatically low interest rates, has created a historic increase in mortgage demand.
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