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Embracing digital for mortgage differentiation

Evolving the customer interaction model is key for lenders

Overview

To gain insight on how consumers are evolving their market interests, Accenture surveyed over 4,000 consumers in the United States and Canada as part of a multi-year research initiative tracking consumer banking attitudes and behaviors. This report highlights the findings from the 2016 Accenture North America Consumer Digital Banking Survey, and suggests ways that mortgage lenders can improve relationships with current customers, as well as explore opportunities to differentiate themselves in the market.

“Consumers still want to control their customer experience by focusing on value and a tailored approach through the channel that best satisfies their needs.”

 

Embracing Digital to Drive Mortgage
Differentiation

Embracing Digital to Drive Mortgage Differentiation

DOWNLOAD THE FULL REPORT [PDF]

Five key insights

The survey uncovered five key findings that reveal mortgage lenders must provide value to customers—or risk losing them—while delivering experiences that are easy, relevant and seamless.



VALUE
Hunting for value is hot

45%
of consumers say the top reason they would stay loyal is if their bank offers discounts on purchases of interest

RELATIONSHIP
Switching is not an obstacle
11%
of consumers left their bank in the past year—and consumer switching to virtual banks is at double-digit levels
ADVICE
Robo-advice is welcome
46%
of consumers are willing to bank using robo-advice in the future

 

 

 

BRANCH
The branch is alive and well

87%
of consumers will use their branches in the future—and want human interaction when they go there

 

 

 

CHANNEL
Omni-channel management is lagging
73%
of consumers do not think the experience they receive from their bank’s branch, online and mobile channels is completely seamless

 

To retain mortgage customers, lenders need to look for ways
to streamline and simplify the mortgage experience.

Recommendations

EVOLVE THE CUSTOMER INTERACTION MODEL

Today’s mortgage lenders need to evolve their approach to consumers by redefining the interaction model. A balance between digital and human interactions is key to capturing the right client and maintaining a profitable relationship. To do so, lenders should focus on these five key actions.


DEVELOP A MARKET-RELEVANT CLIENT PROPENSITY MODEL

 

Lenders need to determine how to drive the right relationship based offers while also managing their bottom line.

TAKE ADVANTAGE OF DATA

The right combination of data improves retention, marketing effectiveness and conversion rates of leads.

ENABLE THE LOAN OFFICER

 

 

 

Customers demand a digital experience while expecting an option for human interaction.

 

ADOPT INTELLIGENT AUTOMATION

 

 

Lenders need to look for opportunities to integrate automation technology and tools to achieve intelligent decisioning and cognitive learning capabilities.

 

INTEGRATE DIGITAL SOLUTIONS WITH A TARGET IN MIND

 

Lenders must balance the desire for speed while designing a target solution that will deliver outcomes that meet future needs.

DOWNLOAD THE FULL REPORT [PDF]

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