User experience isn’t just an element that would be good to have. In modern lending, user experience (UX) is a matter of your business’ survival. And while many have incorporated mortgage software into their acquisition and processing, a large portion has yet to embrace the fullness of UX potential. Why?
Some may be in the dark about what user experience is. Others may be unaware of what a superb user experience actually looks like.
Still, others place false hope in that “good enough is good enough.”
But is “good enough” even enough to get by in today’s environment? We don’t have to search hard for examples where mediocre UX was the culprit of business failure. Do MySpace, Blockbuster, and YellowCab ring a bell?
These three failed businesses have something in common –they each had a competitor obsessed with innovative service and exceptional UX design. Now consider three businesses that owe their formidable success to UX design: Google, Amazon, and Walmart.
The bottom line is that companies without a compelling UX have lower customer satisfaction, less repeat business, and, ultimately, lower revenue.
And if you’re still not convinced that UX matters to your clients, consider this: if you don’t provide a customer-centric UX, your competitors will.
Ready to learn what it takes to have a first-rate user experience that keeps clients loyal? Read on.
Personalized and Borrower-centric
Because you’re immersed in the industry, you can sometimes forget how intimidating getting a loan is for the consumer. The process can be confusing and stressful, and without a helping hand, getting a loan is overwhelming and unnerving.
In the past, face-to-face interaction helped to put the borrower at ease. But with the convenience that is the digital revolution, it seems that personalization took a back seat. While no one can argue that a digital mortgage is massively advantageous in nearly every aspect, the digital factor can sometimes make the experience somewhat robotic, cold, and dull.
Definitely not the sort of experience that keeps customers loyal.
However, that’s not the case when you implement a UX strategy. Firstly, make sure that there are multiple avenues for communication. Whether email, chat, video call, or instant messaging, offer a variety of options for your borrower to get in touch with you.
Secondly, make sure that those communication avenues are centrally located.
You may be wondering if giving borrowers options will make it difficult for you to juggle multiple conversations. That won’t be the case when you use digital mortgage software with superior UX design where communications are organized by loan file, making it easy to keep track.
This small but pivotal UX feature also frees up time so that the LO can engage more with clients, strengthening the relationship and increasing their loyalty to your business.
Emphasize Your Brand and Differentiator
One of the most overlooked reasons that clients won’t convert into lifelong customers is that they simply forgot who you are and what made you different. Wait –that point could be presented more clearly.
If the client forgot about you or they simply didn’t understand what made you different, it’s likely because the user experience failed to impress that upon them. There are many online mortgage businesses, and just like any other digital business, it’s essential that you set yourself apart from others. UX is how to do it.
Everything from your navigation to consumer-friendly web copy to seamless integrated 3rd-party applications to a consistent logo and color scheme matters when it comes to UX design. Individually, it may seem that small elements like a customized loan checklist are menial, but collectively, branded elements and consistent messaging make your businesses memorable, impressive, and worthy of repeat business.
Over-Deliver
It was a mystery for some time as to why Costco and Sam’s Club gas was so much cheaper than major gas stations. But the secret is out and it’s worth mimicking. The reason these two major stores are okay with making very little profit on gas is that those customers eventually make up for it when they shop at the warehouse.
Essentially, they over-deliver on their promise of overall value, and, in turn, the business is rewarded with customers that are willing to pay for membership and spend more at the store.
Chances are that you, as a professional, are already overdelivering in how you help your borrowers. When you love what you do, it’s easy to give more. But does is that the case with your mortgage software, too? Does it over-deliver? Does your mortgage mobile app have that wow factor?
Does your mortgage POS have an element of delight?
Or does it just gather information and silo it into a portal where it waits for you to organize it into the proper format for the loan file?
Elements like self-paying credit checks, one-click connection with their financial institution, and auto-generated pre-approval letters over-deliver on your promise to make the loan process faster, more efficient, and enjoyable for the borrower.
Consider the Employee Experience Too
Despite technology touching every aspect of processing a mortgage, the business of lending is still a human-based experience. That said, you want your mortgage team to always reflect positivity when representing your business. Whether the client is reengaging with the realtor who referred you, the appraiser, or one of your loan officers, you want nothing but optimism and confidence expressed about working with your business.
While leadership style and company culture certainly play an essential role in that, so does the technology you use to manage your business. Mortgage tech that is cumbersome, inefficient, error-prone, or lackluster is a formula for distress.
High employee turnover, infrequent referrals, and zero repeat customers are sure to follow.
However, when you empower your mortgage team and referral partners with mortgage technology that’s intuitive, automated, configurable, and exceedingly efficient UX design, you’ll create an unrivaled ambitious, and enthusiastic network –-one that keeps borrowers coming back to you.
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We gave you a lot to think about already, but here’s one more thing. Now that you know what’s required of UX design in mortgage technology, is your current software capable of delivering? Is that “good enough” tool truly good enough for your business and creating lifelong borrowers?
If not, let’s talk. Contact us today to schedule a conversation with a LenderHomePage Account Executive.
