MReport October 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 31 of 67

30 | TH E M R EP O RT FEATURE M ost organizations are happy to commit resources to improve customer experiences due to the obvious effect that customers have on a company's bottom line. It is no different for financial institutions, who have continued to place a strong emphasis on providing customers with superior user experience. These institutions invest in new technolo- gies, branch redesigns, stronger security, and more all focused on better customer service and achieving a higher return on investment (ROI) with a meaningful impact on the financial institution itself. But isn't it equally important to allot resources to the employee's user experience? The customer's experience hinges on the happiness of the financial institution's employees, so allocating time, money and effort into im- proving the employee's user experience should also be top of mind for financial institutions. The Need for Tech A ll too often, financial institutions are completely unaware of the impact an employee's user experience has on their customer's overall experience. In most cases, placing more emphasis on the em- ployee's user experience can be significant to the institution's success. Any person using technology of any kind has high expecta- tions—the staff at any financial institution are no different making it imperative to consider the employee's experience when choosing and implementing technologies that their employees will use on a daily basis. Why? Because today's consumer—whether employee or customer—finds a mediocre user experience intolerable. Additionally, if a person has a negative user experience, custom- ers do not hesitate to switch to a competitor. The same goes for employees of a financial institution. If the employees find their daily technology making their jobs more difficult than they perceive it should be, they push for an implementation of a new solution or they might look for another job. In fact, the banking and finance in- dustry has an 18.6% turnover rate, which is one of the highest among all industries, according to a Compdata survey. Employee Impact Here's why allocating time, money, and effort into improving employees' user experience is important for financial institutions. By Brian Lynch

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport October 2019