Customer billing and payments are as much an opportunity to provide excellent customer service as they are a core operational and accounting function. Leading companies leverage their billing and payments process to achieve far more than just the collections of payments; they use techniques to forge stronger customer relationships and gain greater insight into customer wants and needs.
I recently attended a technology symposium featuring an enterprise collaboration software suite. The audience was composed of Information Technology (IT), business analysts, industry consultants, media, and executives across industries. The common thread among attendees was the fact that they were using the collaboration suite or were interested in implementation.
Companies that depend on document-based communications are struggling to keep up with the demands of customers and regulators. Customers have a heightened expectation of superior customer service, on and offline. They expect their service providers to be in touch with technical capabilities that will provide better, customized customer experiences and faster issue resolution.
Legacy document systems and processes can no longer support the numerous application and underwriting workflows that come with mortgage loan modifications. Further, the industry is struggling with increasing compliance demands, high loan delinquency rates and shrinking loan profitability.
Enterprise communication strategies are playing a bigger role in customer experience and loyalty these days. This means increased pressure to re-engineer the end-to-end processes required to manage core servicing documents and on-demand letter output. Not addressing issues at the front end of the process guarantees increased problems at the backend – with your document outputs and customer interactions.
According to a 2012 CEB survey, many businesses believe their end-to-end process management does not meet their expectations of today’s workflow. The chart below confirms that most companies are falling short of utilizing a fully-integrated and mature CCM process; Document Outsourcing and Defining Documentation/ Compliance Protocol being the weakest links.
I talk with mortgage industry professionals every day. They are busy people trying to do a difficult job, too often under a microscope. In addition to struggling with servicing platforms that were originally designed in the 1970’s, they are all just one misstep away from another negative headline.