Over the last few years, we’ve witnessed a tremendous shift across many industries, including the mortgage industry, to focus more on customer experience. Being customer-centric, or you-centric, when you’re thinking about your borrowers, is critical for the success of your business.
Whether you’re an individual contributor or a business leader, there are plenty of compelling reasons to adopt a you-centric mindset.
What Does It Mean to Deliver a You-Centric Experience for Your Borrowers?
Many companies make customer experience an important part of their sales process, improving customer interactions with their company and their brand through the final sale. But companies often fall short when they fail to deliver on you-centricity after the sale.
To deliver a you-centric experience for your borrowers, you need to consider their journey up to the point of sale, at the point of sale, and through all the other interactions they have with your business after they’re a customer.
Another way to deliver great customer experience is to make the sale not about your products and services, but about how your products and services solve your customers’ problems. Focus on the problems you can solve for the borrower and they’ll be more inclined to work with you.
Why Is Customer Experience So Important?
For lenders, top notch customer experience has an incredibly important payoff – borrower loyalty. When borrowers have a good experience with you, they become loyal to you. That loyalty translates to customer retention when it’s time for them to refinance their home or finance a new one.
You-centricity is also important from the perspective that happy customers – the ones you provided stellar service to – are more likely to share their good experience with you to others.
Another way to think about it is that 57% of customers will go to a competitor because they offered better customer service than you. Customers who received poor customer service are also more motivated (and provide more detail) to write negative reviews than happy customers.
How to Deliver You-Centricity
To lay the groundwork to deliver great customer service consistently, everyone in your organization needs to be on board. That’s from the C-suite to those on the front lines with customers to those in non-customer-facing roles. To encourage buy-in for you-centricity, help employees understand the ROI of being you-centric. Borrower loyalty and customer retention rates are quantifiable metrics that can help you prove the value of the customer experience.
Another powerful way to deliver a you-centric customer journey is to leverage data to understand how borrowers come to find your business and interact with it. Using data collected online or via survey, you can better understand what type of advertisement or content brought a borrower lead to your business. You can also use data to determine if there are any gaps in your products, services, or content offerings to your borrowers.
Finally, deliver experiences where your borrowers expect them, and meet borrowers where they are. For example, younger borrowers are unlikely to come across your print newspaper advertisement and therefore can’t interact with it. However, creating a short, informative video about some part of the mortgage process that causes lots of borrower questions and posting it online delivers:
1) An answer to a lead’s question, making you seem more helpful in their minds
2) A format – video – the young lead is likely to interact with
3) On a channel where they spend a lot of time – online and/or social media
Being you-centric goes beyond typical customer service. It’s embracing a new mindset – across your organization — where your purpose is to solve a borrower’s problem and deliver the solution to them directly. By focusing on helping a borrower rather than “selling” a borrower, you’ll notice that satisfaction levels improve. In turn, that will lead to more referrals, better reviews, and increased customer retention.