How should lenders respond?
This next wave of borrowers and the others who follow will seek mortgage lenders that can deliver a convenient, seamless, personalized, private and secure digital home buying experience, with access literally at their fingertips. Forward-thinking mortgage lenders can move beyond front-end bells and whistles and embrace dynamic strategies to separate themselves from the competition, including having the ability to:
1. Unleash the power of data to drive personalized customer experiences
The evolution of mortgage lending already has begun, with numerous lenders focusing on meeting the demands of tech-savvy borrowers by using internal and external data sources to streamline application intake, underwriting and fulfillment — effectively “turbocharging” the mortgage process itself by pre-populating application data sourced from data aggregators or ecosystem service providers.
Market leaders in the mortgage industry understand that business value is now defined by the customer experience. And by transforming their focus from a manual, transaction-based, product-centric model to a data-driven, experience-based, customer-centric one, they can deliver the personalized experiences that their customers expect and demand — intentionally designed experiences that drive increased engagement, loyalty and trust. Fiserv’s Pete Radike, Director of Product Lifecycle Management at Lending Solutions, says, “Data can help lenders engage the right customers with the right solutions at the right time, ultimately driving increased loan activity, profitability and efficiency.”⁴