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Digital Mortgage

Improving customer experience through digital mortgage

Customer experience is undergoing digital transformation. Influenced by the pandemic and the booming e-commerce scene, customers today expect a similar reactive experience while dealing with financial institutions. According to a recent European survey, 71% of banking customers preferred a multi-channel mode of interaction, while 21% chose a fully digital experience. Hence, paperless processes driven by artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and analytics are poised to streamline the digital mortgage customer experience.

What is a digital mortgage experience?

A digital mortgage is more than just an online application. It involves evolving the entire lending process through digital transformation of every activity, from documentation to closing deals. It can accelerate and simplify mortgage loan fulfilment and improve the customer experience while saving on operating costs, reducing risks, and refining compliance.*

What customers expect from a digitised lending system?

A unique and seamless customer experience is at the centre of all businesses. According to a recent consumer survey, 27% of companies underwent significant changes to their core competencies to improve customer experience.[2] Here’s what today’s customers are looking at:

  • Speed:
  • For businesses and their customers, the biggest advantage of digitisation is speed. Quick processing can make mortgage fulfilment easier and more desirable, thus improving customer experience.

  • Accuracy:
  • With the help of technological tools and automation, human error can be considerably reduced. Accuracy builds trust and strengthens the bond between the lender and the borrower.

  • Compliance:
  • Digitisation can ease the process of keeping up with changes in regulations and make compliance and documentation a seamless and hassle-free process for customers.

  • Convenience:
  • While the pandemic led to a giant leap in online activity, the trend is here to stay because of the convenience of a digital experience.

  • Security:
  • Data security and privacy are a high priority for customers with the rise of digitisation in all businesses. The digital mortgage experience can enhance customer trust and retention by using high-encryption technology and maintaining high-security standards.

  • Transparency:
  • Digitisation of processes adds transparency to the entire activity of lending for both the borrower and the financial stakeholders. Customers expect transparency about the mortgage status, educational tools to explain terms and conditions, and advice about suitable products that meet their needs.

How can leaders use digital mortgage to improve customer experience?

Digital transformation of business processes improves customer satisfaction up to 30% and drives revenue up to 50%. Therefore, it is essential to analyse the various areas of a digital mortgage that can positively influence customer involvement. The aim should be to move the customer focus from the process to the final closure with the help of a seamless experience.

  • Improved communication:
  • Right from the first interaction of risk assessment to closing deals, clients should have an easy and quick way to communicate with the bank/lender. For example, a completely digitised mobile banking platform can make it convenient for customers to communicate and resolve issues. AI-powered chatbots can provide answers to the most common questions and create a record of queries by the client for further addressing. 

  • Customer interactive tools:
  • The digital mortgage customer experience does not rely on good communication alone. Several tools such as mortgage calculators and planning tools provide a sense of control to the customers. Educational tools and personalised advice add transparency to the process while keeping them informed of suitable products. These tools not only enhance client experience but also save employee time. Moreover, an informed customer is more likely to stick to the bank.

  • Customer portal:
  • Providing access to the customers to track their loan status adds to a positive customer experience. A customer portal is a must to provide transparency and delivers a personalised experience for the client.

  • Document management:
  • Automation in document management can minimise and, in some cases, eliminate the physical paperwork involved in a mortgage. It helps reduce human error by populating required data, as well as ensuring security and privacy of information. At the same time, it provides a rich database for analysis, which can help the business cater to their customers with greater personalisation. 

How can Infosys BPM help?

Infosys BPM has considerable expertise in assisting lenders in streamlining their digital mortgage transformation. We provide business process digitisation solutions that focus on improving operational efficiency and reducing cost and effort. Infosys BPM provides process assessment and mortgage solutions like ML, RPA, advanced analytics, and deep insights. The robust ecosystem of partner and in-house solutions brings innovation and agility to your digital mortgage transformation journey.

*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.