TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1467358
M R EP O RT | 35 Identify Friction Points and Remove Obstacles A nalysis of behavioral data in aggregate can show lenders where customers are getting stuck in the process most frequently. Once friction within the customer journey is identified, lenders can address it. Lenders can take steps to help borrowers have a more effortless experience. For example, suppose a lender can see that 30% of prospective borrowers leave the application when a tax document needs to be uploaded and never return. With that information, the lender can change where this step occurs, add an option to integrate to a digital tax record provider or provide more precise instructions on what is needed. Keeping your customers engaged and well- informed will increase overall conversion rates. As this analysis becomes more granular, the experience will become more personalized. Using the example above, let's say that of that 30% of borrowers not converting because of their tax document upload, 90% have never spoken to a loan officer in the process. That might indicate that the problem isn't consistent across your digital channels but is specific to self-service. Perhaps you may want to edit only the workflow that serves this channel. There are many possible ways to address this conversion issue. Still, this lender leaves potential leads and, ultimately, dollars on the table without granular behavioral data to find and diagnose. From the consumer's perspec- tive, this could mean less time to close on their dream home. Instead of getting frustrated with the process, they feel like they're making progress toward a home purchase, keeping them engaged and converting.