Mortgage products are retail banks’ main product. And with COVID-19 restrictions meaning fewer customers coming into branch, as well as the increased willingness of customers to engage with banks online, it’s time for financial providers to digitize the mortgage experience. Transforming the mortgage process into a seamless digital customer journey will allow banks to continue to engage these core customers. 

Digital mortgage experiences can help banks stand out in an increasingly competitive landscape. But not all digital mortgage experiences are created equal. Some leave customers unsatisfied and unimpressed.

Below, we outline how to create a positive and engaging online mortgage experience from beginning to end, explaining how to create a digital customer journey that prioritizes meaningful and personalized conversation as much as convenience and speed.

Step 1: Establishing trust

Securing mortgage customers depends first and foremost on establishing trust. And this process begins not when the customer first shows interest in applying for a mortgage but years beforehand, such as when they first opened an account with their provider. 

Creating a trusting relationship takes time. It means that every interaction a bank ever has with their customer has to be positive, delivering value and leaving them feeling respected and appreciated. 

As a result, later down the line when a customer wants to take out a mortgage, choosing their lender will be easy. They already have a provider that they know and feel confident with. If a customer can count on their bank to deal with relatively minor financial queries in an effective way, they can depend on them for something as momentous as a mortgage.

By offering this exceptional service from the get-go, banks earn the right to be on the shortlist when it comes to the customer choosing a mortgage lender. Establishing trust from the outset is an investment that pays off later down the line. 

Step 2: Leverage the ‘moment of truth’

An omnichannel journey allows for flexible communication. This means advisors can be available at the optimum moment to convert customers and be ready to help wherever and whenever. 

By providing a fully optimized digital service across all devices and channels, advisors can leverage the ‘moment of truth’—stepping in at the ideal moment and proving their unique value.

Having established a solid and productive relationship with customers through multiple interactions over a period of time, consistently delivering helpful and relevant guidance, the client already trusts them and is confident that their provider can provide a stress-free mortgage experience. And so when it comes to choosing a mortgage lender, the decision is a no-brainer.

Step 3: Get up to speed quickly

Closing a mortgage deal takes time. The process will likely extend over several interactions and often over a significant amount of time. However, every effort needs to be made to create the sense of a seamless and smooth journey. This means all relevant information about meetings should be kept in a single place for easy referencing, without the need to repeat conversations.

Unblu saves conversation history and any shared financial information, creating a much simpler process for both customers and banking employees. Customers don’t have to explain things multiple times or send over documentation more than once. Accurate disclosures can be sent on time and there’s less chance of advisors missing any information sent by the client.

Step 4: Video meeting reassurance

One of the advantages of the in-branch experience is the comfort offered by a face-to-face conversation. But video call allows banks to replicate the reassurance offered by person-to-person interactions remotely—and with the added convenience that the customer doesn’t have to leave their home.

With Unblu, customer and advisor can connect via video call in a way that’s secure and compliant with all financial regulations. The relationship might have already been established via text, so the transition to speaking face-to-face is simple and friction-free. 

Of course, not every customer will want to video call. The option of a simple audio call is also available. The customer can communicate with their advisor in whatever way makes them feel comfortable.

Step 5: Get clear and specific

Once a video chat has begun, the conversation can be further elevated with a choice of additional features. One option is embedded co-browsing. This collaboration feature allows the advisor to see the customer’s application and use the mark and highlight tool to point out certain details.

This dramatically enhances the advisory process as the advisor’s guidance can be more specific and relevant. Client and advisor are quite literally ‘on the same page’.

In the case of mortgage deals, the advisor might point out certain important details of each deal in turn, as they explain them. This allows them to guide the customer through the decision-making process in a way that is both personal and efficient.

Step 6: Get streamlined

Once the customer has made a decision about a mortgage deal, they’ll want to complete the application quickly and in the most effortless way possible.

As part of this process, they’ll need to provide bank statements and payslips for their risk profile evaluation. This is a time-consuming task and having to send documents more than once will create frustration.

With Unblu, all documents are stored in a document repository so the conversation can be picked up smoothly from where it was left off. What’s more, advisors and clients can share and collaborate on the final mortgage proposal form together using document co-browsing—ticking boxes, writing, and co-editing the document together. The advisor can even request an e-signature, a secure, compliant, and convenient way to close the deal.

Step 7: Augment the ongoing conversation

Once the mortgage contract is complete and has been signed, bots and AI can augment the ongoing conversation between a customer and their bank. The bot can keep the dialogue going, prompting the applicant for any necessary mortgage documents, for example.

Similarly, at the beginning of the digital mortgage experience, a bot might provide a conversational interface to introduce the customer to the application process in a way that feels familiar and intuitive. 

Digital Advice & Unblu

Unblu’s range of conversational banking tools allows banks to connect with customers in a way that is personal, efficient, and flexible. Learn more by booking a demo today.

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