In our lifetime the single most disruptive technology to impact industries of all types—especially the mortgage industry—is communication technology. All one needs to do is look at the communication capability that now rests in the hands of the average high school student. Text messaging is the norm, iPhones and tablets are pervasive, not to mention laptops. It shouldn’t be so difficult for the average mortgage lender to grasp the potential significance of customer communications management (CCM).
Mortgage companies today MUST embrace the idea that the path to a more profitable future is through the enablement of content and composition technologically merged with multichannel capabilities. On the front page of the December 17th issue of National Mortgage News is an article entitled “Mobile Devices Mean Lenders Must Now Adjust”, by Brad Finkelstein. The gist of the article is that “mortgage originators are going to have to tailor their online presence to deal with the growing number of consumers who are using mobile devices…” And a lot of these consumers are not exactly mobile when they use this technology. Many are sitting on their couch using their smart phone or tablet to research mortgage options, rather than use a desktop computer or opening their laptop. We shouldn’t limit our thinking just to originators either. Servicers, too, need to recognize this phenomenon for what it is – the new normal of today’s consumer.
My company recently responded to an RFP for the delivery of bank statements. But in the end, the client asked for print and mail capability for hardcopy documents coupled with a “pull” capability for static statements from their website. Certainly a solution our company can deliver. But properly managing communications today is NOT about lowering print costs and multichannel delivery is NOT about offering a static document “pull” from your website. As our society continues to cease physical interaction we must enable effective non-physical interactivity.
From a communications perspective this means understanding the purpose of each and every correspondence that must be delivered to a consumer or borrower, and knowing how best to achieve the response we seek from those correspondences. Secure, relevant, interactive, and compliant messaging needs to be right channeled across multiple communications mediums, offering the consumer the ability to check the status of a workout in real time, to make a payment online, or to dispute a line item on their mortgage statement.
The benefits of embracing a true customer communications management solution are many – reduced call center operations costs, increased business user productivity, faster issue resolution, better document tracking, lowered IT burden, extension of current core system investments, a path to future technologies, and last – but not least – improved borrower satisfaction.
Many companies today, however, are so invested in the status quo of their operation that a CCM solution seems too “out there”. Moreover, many look at the deployment and implementation costs as prohibitive. But when properly executed, a good CCM solution will literally offer savings and increased profitable revenue across your organization, mitigate the huge financial risk of regulatory non-compliance, and improve borrower satisfaction and customer retention. In fact, there is no more fiscally responsible initiative a mortgage company can deploy in 2013
Be sure to check out our latest report, "Is Your Business Disconnected? Why The Status Quo of Today's Mortgage Communications Is In Need of Fundamental Change".