Mystification is typically not a word that I like to associate with a process – especially if the process involves my money. Unfortunately, “mystification” best-fits my mortgage experience. I started the journey towards my dream home with what looked like a path of gold stones in front of me. I would take a step and stumble backward disappointed because I realized it was fool’s gold. I constantly had to ask my Loan Officer the same four questions over and over…
In Part One of my epic mortgage experience, you got a small glimpse of my tendencies and personality. I clearly was frustrated with the amount of time wasted in the first few days of the process, but that frustration doesn’t compare to how irritating the next steps were.
In order for you to understand this story, there’s something you should know about me: I am a little bit of a control freak. Okay you got me – it’s more than a little bit, I am a control freak. I like to understand processes, timelines and next steps and control them as much as possible. I schedule my day out to maximize efficiency, I hate being late, and I try to always be one step ahead. This is not a story of efficiency and timeliness though.
It feels like the banking industry changes every day. I’m constantly told new trends, technologies and predictions, what to do, and who to target. It’s easy to get weighed down by everything. To gain some clarity and hear from true experts, our Banking and Financial Services Team, including myself, attended and sponsored American Banker’s Digital Banking 2016 in New Orleans.
After several acquisitions, our client’s loan origination system became cluttered with a range of document formats. To clean things up, they invested in an enterprise-wide document management solution.
An American Banking Holding Lender faced immense pressure to update their existing mortgage loan origination system (LOS) because it was quickly becoming non-compliant with Federal Reserve requirements. With a strict deadline in place it needed to act quickly or would be forced to stop underwriting mortgages altogether.
We always talk about millennials. And rightly so – they’re quite the disruptors. But there’s a different generation that’s about to start making waves of its own: Baby Boomers. As the baby boomers (people ranging from age 52-70) age, the US is going to witness the largest passing of wealth in history.
Onboarding processes that are fragmented and lengthy leave room for missed opportunities and high abandonment rates. Ultimately reflecting poorly on a bank’s reputation and the bottom line. Today’s clients expect convenient, timely and accurate service – on their terms.
Infographic shows top 10 trends shaking up the wealth management industry.
Just like how Donkey in “Shrek” was eager to arrive at the Far Far Away Kingdom, banking customers are eager to complete the onboarding process and use their banking services.
To quiet customer questions, banks need to have an efficient, transparent onboarding process. We encourage our partners to leverage enterprise content management tools that create four levels of visibility into the onboarding process so their customers don’t have to ask how much longer? or is the process done yet?
What does it truly mean to onboard trust and wealth management clients without limitations? It means no rules or circumstances will restrict you or inhibit you from doing something. It means if you’re not limited by anything, then you have the freedom to do everything.