Mortgage lenders, as well as all service providers, are looking for better ways to provide their goods and services to prospective customers.
To do so they are exploring and implementing the increased use of technology to streamline processes to deliver quicker, more complete products and an enhanced consumer experience.
Technology alone is not the answer. Just because you build a better mousetrap, there’s no guarantee you’ll catch more mice. Someone needs to put the plan into action. That takes qualified, highly trained and caring individuals, committed to doing things right. No shortcuts.
Technology can help by reducing manual tasks and the need for more employees; a lenders biggest expense. In the end, when done right, the trained employees or vendors, supported by the new systems, enhanced by technology, will result in a more efficient operation. That will reduce expenses while increasing productivity and profits.
However, lenders need to be careful not to concentrate so heavily on new technology that they lose sight of the real prize; the consumer.
We’ve all been lost in a maze of so-called automated processes, whether it be a website, or a call answering system, intended to improve customer service.
Systems that are customer facing must be simple, easy to use, and understood, with an option for human intervention. At times, some customers still want to speak with a person. It’s critical they have an option to do so.
Customers will be harder to come by with more companies vying for their business. You should ask yourself:
- How will I set yourself apart from the competition?
- Will I be active on social media and other sites frequented by consumers?
- Will my customer reviews be positive?
The proper mix of technology and training can surely help. In a market where volume will be much tougher, the companies that focus on customer service and support will be the ones to set themselves apart from the others, providing more opportunities for new, and repeat, business.
When searching for, and implementing new technologies, don’t overlook ways to improve the customer experience. In the long run, all the technology in the world won’t do you any good if you don’t capture more customers.
If you properly service your customers, they will consistently use your services.