Leverage the Consumer Experience for a Competitive Advantage
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Transcript of Leverage the Consumer Experience for a Competitive Advantage
Leveraging the Consumer Experience
Sponsored by:
Today’s agenda.
Thanks for joining us! eLynx is pleased to
sponsor this webinar where you’ll hear
thoughts about the customer experience
from two of the nation’s top mortgage
originators.
What is the customer experience
and why is it important to me?
How are today’s customers
different?
How are Flagstar Bank and
SunTrust Mortgage improving
their customer experiences?
www.elynx.com
Links to the presentation materials and the
recorded video will be distributed in email to
all webinar attendees.
FOR MORE INFO.
.
You can use the right-hand panel in
GoToMeeting to ask questions throughout the
webinar.
GOT QUESTIONS?
Our speakers
Brian Vieaux
Flagstar
Laura Venerable
eLynx
Tracy Leckie
SunTrust
Why are we even talking about
the customer experience?
From the front page
of USA Today on
October 30, 2013
23% would rather gain
10lbs than take out another
mortgage???
Why is the mortgage process so painful?
Applying for a mortgage is a complicated process and
consumers don’t do it very often
Admit they are not confident in their knowledge of mortgages or the mortgage
process
Answer basic questions about mortgages wrong
2011 Zillow Home Marketplace consumer survey
44%
46%
?
Why is the mortgage process so painful?
There are many parties involved and it isn’t always clear
who’s doing what or how long it will take
Say their lender is difficult to communicate with
Say they have been unable to track the status of their mortgage application
2013 Carlisle & Gallagher Consulting Group consumer survey
Say slow execution is one of the most painful aspects of the mortgage process 56%
32%
31%
Unfamiliarity breeds
mistrust
- Fear of being taken advantage of
- Fear of making a mistake
- Fear of being wronged
CFPB complaints collected in first 2 years of operations
- Owning a home is an emotional issue for many
What is the customer
experience? The aim of a customer experience focus should be
to form lasting, positive impressions on customers
that motivate them to maintain and grow their
relationship with you—in other words, to create
customer loyalty
Across all lines of business and
products
From branch to remote to mobile
Including staff and systems - even
social media
Question
[ Poll ]
Where are you in the journey of improving your customer experience?
How are today’s customers different?
Technology Assesment Training Marketing
People are beginning
to expect their retail
experiences to transfer
to their financial
services experiences.
Think like Amazon –
can I order a mortgage
and have it tomorrow?
Immediate
Customers are provided
with more content, and
more choice, much of it
beyond any bank's
control. Think about the
impact of the internet
and social media.
Connected
Where previous
generations were highly
loyal, today’s
consumers are attuned
to shopping for a deal.
80% would consider
getting a mortgage from
Walmart or PayPal.
No Brand
Loyalty
The number of consumers
who spend every waking
hour with some form of
Internet access is growing.
And the adoption of
smartphones, tablets, and
other Web-connected
devices continues to
explode.
Always On
Question
[ Poll ]
What feedback do you have about your current customer experience?
Flagstar’s strategy
Brian Vieaux
Senior Vice Present, Home Lending Division
Troy, Michigan
SunTrust’s experiences
Tracy Leckie
Vice President, MBIO, Document Management
Glen Allen, Virginia
Assess where you are
Getting started.
Find ways to survey your
stakeholders, including customers as
well as internal staff and external
partners, for insight into priorities.
Include representation across
different channels (retail, online),
different products (refi, fixed, ARM),
and different segments (first-time
buyers, repurchasers).
Realtors
Customers
Brokers
Decide what you can do Don’t try to eat the whole elephant at
one time. Addressing all touchpoints
in the customer experience can be
overwhelming. Find specific projects
that fit into your overall strategy and
launch them.
Final thoughts.
Focus and determination
are needed to overcome
organizational inertia and
resource strains.
In the current climate,
providing a great
customer experience
can differentiate you
from everyone else.
A new model built on
collaboration across all
departments at the bank is
essential to redefining your
customer experience.
