The whole purpose of the mortgage process is for the lender to asses an applicant’s risk level. Will they be able to pay back the loan? How likely are they able to default on the loan? Does their employment history align with their ability to pay off their debts and obligations? What type of customer will they be for the bank?
As a huge disruptor to the financial industry, traditional banks will need to join the blockchain movement to keep up with emerging digital competitors. Read on to see 4 of the major ways banks today are using blockchain to streamline processes.
First impressions count, and unfortunately, 40% of consumers have been disappointed with their initial banking onboarding experience to the point where they abandon the process altogether. Banks have gotten complacent with their onboarding process. With so many changes in consumer behaviors, industry trends and technology offerings, it’s easy to put new client onboarding on the back burner.
First impressions count. That’s why the client onboarding process that banks provide has to be good. If a client has a bad experience with your bank while they’re trying to become a customer, what does that tell them about the rest of the experiences they’ll have? In a competitive market, banks have a lot to lose if their first impression isn’t an impressive one.
Peyton Manning went on to talk about how the bad advice yielded a valuable lesson – that respect and leadership is earned. I think that lesson is extremely relevant to the mortgage industry — respect for your organization is earned, it’s not freely given, especially in today’s competitive market. So how do banks and financial lenders earn their customer’s respect? Well, Manning had a few more pieces of advice…
Do you remember actually going to your bank branch to open a checking account? Today, consumers can open accounts on the subway, their couch and sometimes even on their toilets. Who would’ve known that in a short 10-year period technology would change the way an industry operates and interacts with customers.
A new client jumping ship during onboarding is every bank’s nightmare. Studies show that clients abandon an onboarding process because it’s too long or cumbersome. When this happens, you waste valuable resources and lose an invaluable customer. Avoid client abandonment with these five essential tools and tactics.
“We are embracing technological innovation and making banking even easier for our customers. And we are developing a new generation of bankers equipped with the knowledge, skills and integrity to take us into an even brighter future.”
We asked our clients how they use banking software to be successful. Discover what the top five answers were.
Nothing beats the MBA Annual Convention and Expo. The breadth and depth of speakers, industry information and networking opportunities are unparalleled. The convention will bring together professionals working in the single-family sector of the real estate finance industry, which is why we will be there loud and proud showcasing Pyramid eXpeditor for Mortgage.
Are your SLAs really improving customer satisfaction? According to the FDIC, “A well-designed SLA (service level agreement) will recognize and reward, or at least acknowledge good service.