Digital Transformation is set to transform the mortgage industry by addressing issues ranging from customer experience, regulatory compliance, asset quality & risk, to efficiency and cost management. Lenders must embrace digital transformation or risk becoming irrelevant. Organizations that do not formulate a comprehensive digital strategy may lose business to competitors.
The National Association of Realtors® reports that 90% of all home buyers search online for their home. For 42% percent of that group, the internet was their first step in the home buying process — before contacting an agent. According to the Ellie Mae Millennial Tracker™ report, tech-savvy Millennials represent the primary home-purchasing segment of the population (Millennials accounted for 84% of closed home loans in January 2017).
Millennials these days depend on intelligent personal assistants such as Apple’s Siri, Amazon Alexa, Google Personal Assistant, and Microsoft Cortana. Apparently, many of these assistants function on devices that don’t even have specific screens and provide only a single “answer” to the customer’s query — as opposed to a list of results.
Put another way, if the online listings for your mortgage business don’t include things such as your specialties, your credentials, and the languages you speak, your customers will not be able to find you if they search using those parameters.
Improving customer experience is paramount to meeting the expectation of today’s consumers.
According to published reports, 48 percent of US consumers believe companies need to do a better job of integrating their online and offline experiences. Digital natives such as eBay, Amazon, and Google have been leading the pack in remodeling consumer expectations for cross-channel convenience.
In today’s evolving mortgage industry, to gain a competitive advantage, organizations must transform the customer experience. Positive customer experience can have profound impacts on your organization’s growth. Delightful customer experience is a long-term competitive advantage you can leverage to differentiate yourself in the market. While this may sound little daunting, companies are in the process of revitalizing their customer experiences every day.
Are you looking to capitalize on the digital transformation?
Embrace digital transformation and enhance your lending experience with Tavant Encompass Managed Services
Tavant is a trusted Pro Partner that helps lenders to accelerate the deployment, customization, and adoption of Ellie Mae’s Encompass® all-in-one mortgage management solution. Our seamless integration with the Encompass ecosystem enables operational efficiency, reduced cost, effective maintenance, enhanced performance leveraging custom applications. We help our clients to easily adopt and leverage Encompass upgrades. We offer flexible and transparent delivery models to provide them with a mix of onshore, near-shore and best-shore managed services.