How do borrowers define excellence?
Winning your next customer over requires innovative thinking
Calling the mortgage process “fun” may be a bit extreme, especially given the complexity. However, is the idea of making the mortgage process enjoyable, or at the very least painless, completely far fetched? Given the results seen in other industries, excellence is a concept that consumers are beginning to understand and relate to.
Few would argue that the commercial airline experience has been anything close to stellar during the last decade. Whether it’s long check-in lines, lost luggage or poor customer service, average fliers are finding themselves frustrated with the overall experience.
Yet one major discount airline leads the way in customer satisfaction year after year. By adding a little more legroom, treating people nicely, and giving them a screen with viewing options they control, the airline has done something remarkable. It’s given the customer, someone who is held captive throughout the flight, a small degree of control (while adding a little fun into the process).
In some ways, the airline and mortgage industries share common challenges. Once the decision is made (either boarding the plane or signing the application), the consumer is relatively helpless. But while the pilot will often manage basic expectations by communicating the route to be taken, potential weather delays, etc., few lenders have designed a process to manage their equivalent of this simple but critical step. Perhaps bankers should apply the same thinking to mortgage lending.
Why can’t the consumer have total transparency and track their loan (start to finish) through a smartphone application? Borrower surveys point to the time between application and approval as being the most stressful for borrowers. If anxiety is driven by the unknown, shouldn’t lenders take the unknown out of the equation? As it turns out, some lenders already have.