As the digital world continues to evolve, customer experience (CX) is becoming increasingly important as a key differentiator. In fact, it can easily replace products and prices.
However, there’s often a big gap between how companies say they prioritize CX and what actually happens. Why does this disconnect exist, and how can new technology – automation help bridge the gap?
Table of Contents
Exceeding Customer Expectations = Business Success
CX plays a critical role in a customer’s journey in our digital world. In fact, customers are more likely to spend money on a service or a product if they have a positive experience—even if it’s more expensive.
According to a study by PWC, 32% of customers will walk away from a product they’ve been loyal to after a single bad customer experience. If that’s the case, how can businesses prevent bad CX and increase customer retention?
The most critical factors leading to a positive CX include the following:
- Convenience
- Speed
- Helpful employees
- Seamless interactions
Most customers are willing to spend more money with businesses offering unsurpassed experiences. This alone provides companies with an opportunity to not only stand out against competitors but also to generate additional revenue streams.
However, CX isn’t a one-way street. Most customers are likely to be pulled away from a company due to a single bad experience as they are to be drawn in by good ones.
Think about a product, service, or good you’ve been a customer of for years. What’s making you stay a loyal customer?
For example, let’s say you have a favorite bakery you buy croissants from every morning. If you moved further away, would you still make the drive even if you have a bakery that’s closer and cheaper to your new home?
Most likely.
How about when you look for a new bakery? Would you consider going to one with a few bad reviews on Yelp or Instagram?
In a world dominated by social media and peer-review sites, CX is everything, regardless of industry. It’s one of the significant factors that can make or break a business. Cultivating positive relationships through positive CX is detrimental to a business’s success.
Loans and Automation
The loan process can be highly complex—especially for borrowers. Borrowers have to provide a great deal of information to be approved for a loan and go through a rigorous approval process.
Although the rigorous process is intended to protect lenders from potential risks, it doesn’t have to be painstakingly slow.
From the borrower’s perspective, faxing or mailing in tens or even hundreds of pages of documents can be enough to send them to another lender with an automated, digitized process.
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And from the lender’s perspective, converting tax returns and other financial information into comprehensive financial reports can feel like a tedious waste of time. Especially when there are all-in-one platforms with point-of-sale and automated spreading software that can provide the same results instantly.
Technology as a whole has a massive role to play in bridging the gap between how companies say they prioritize CX and what actually happens.
Technology can help loan officers automate their entire workflow, making it easier for customers to communicate and get the products and services they need. This improved convenience helps create a positive CX that can boost loyalty and revenue in the long run.
The Use of AI in CX: Creating Better Seamless Experiences
Technology like automated spreading software will be the key driver and natural enabler of effective CX for loan officers now and in the years to come. In a world oversaturated with new technologies, it can be challenging for businesses and lenders to set themselves apart.
However, focusing heavily on a positive digital customer experience (DCX) can prove to be the most impactful.
DCX is the term used to describe customers’ online interactions with a company. It covers all aspects of the customer’s experience, from browsing the company website to purchasing and beyond.
The benefits of good DCX include the following:
- Brand loyalty. When customers have a positive experience with a business online, they’re more likely to come back and do business with them again. They may also be more likely to recommend the business on social media, peer-review sites, and to their friends and family.
- Attract new customers. People are more likely to do business with a business that has a good reputation online than one that doesn’t. Furthermore, when people shop for a product or service, they often check out the company’s website before even considering a purchase. If the website needs to be better designed or easier to use, they’re likely to head straight to a competitor.
- Saving on expenses. When customers have a frustrating experience, they’re more likely to leave a bad review and contact the customer service team. This can lead to increased expenses due to the time spent dealing with frustrated customers. Investing in a good DCX can help reduce these costs by ensuring customers have a seamless, positive online experience.
Businesses that want to stay ahead of the curve must use a mix of emerging and maturing technologies to create an intelligent and automated CX strategy. As more businesses try to make the CX more personal and relevant, intelligent automation will become increasingly important as it uses customer data more effectively.
It’s also important to note that the role of technology like automated spreading software is not to replace existing loan officers or other staff but rather to provide increased authority.
Technology hardly ever replaces the human touch completely, but it can automate many routine interactions like administrative tasks. This automation gives loan officers more time to focus on managing expectations, answering questions, and other interactions requiring a human touch.
Final Thoughts
An intelligent and automated CX strategy is paramount to a business’s success, and it’s already impacting the CX landscape. It saves businesses time and money while providing a more positive, personalized customer experience.
Loan officers stand to benefit significantly from incorporating automated software into their workflow. With the right tools in place, everyone can look forward to smoother transactions and fewer headaches.
Are you ready to optimize your CX strategy and minimize lost loan opportunities? Get in contact with our mortgage automation experts to see how FlashSpread can benefit you!
