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Omnichannel Digital CX Improves the Mortgage Application Process

An omnichannel banking solution ecosystem empowers operations. It minimizes time and effort for agents and administrators as it does for customers. The dynamic capabilities of omnichannel banking mean that financial institutions who are seeking to differentiate from the competition can now offer expedited mortgage application processes. A great digitally-enabled mortgage process emphasizing the digital channel makes a big difference in meeting customer needs and ensuring complete customer satisfaction.

It’s Time to Innovate for Omnichannel Digital CX

While the banking industry has experienced enormous digital transformation when it comes to digitization, the mortgage application process appears to be one of the last frontiers where activities are still taking place manually, more often than not, at a local branch. This means whether the customer is applying for a mortgage for the first time, renewing a mortgage under different conditions, or seeking out additional mortgages, the process can be costly for the bank and time-consuming for the customer.

FICX’s digital experience solutions, all of which can be deployed in any customer channel or touchpoint, help financial institutions simplify the mortgage application process by dramatically reducing the hurdles to completion.  

Dynamic Application Forms

FICX’s Smart Digital Forms enable banks and financial firms to transition from paper or rigid PDFs to a form generation tool that is fully dynamic and primed for internal approvals and underwriting distribution. In omnichannel banking, once a form is created and sent to customers, it can be accessed from different channels and multiple devices. The integration afforded by omnichannel banking facilitates document consolidation whereby all customer data is automatically transferred and consolidated to your existing internal systems. This removes the need for the customer to provide the same information more than once as pre-obtained data can be automatically populated to an application form. Likewise, this puts the relevant information at the tip of the agent’s fingers, in a well-organized format. This, in turn, enhances the quality of customer engagement and customer care.

Collaboration is Easy with Omnichannel Digital CX

An omnichannel banking platform has the design objective of being outcome-focused. In the case where a customer wishes to speak with a human agent, they can be invited to join an agent-caller collaboration Effective collaboration is facilitated through the use of advanced communication features, such as real-time chat, the ability to share screens, exchange rich media and collect digital signatures via smartphone links, in real-time.

These features work to expedite interactions while ensuring that the caller’s objectives have been achieved. For example, using the rich media displays available, agents can send mortgage calculators and repayment schedules to the customer’s mobile phone to assist their decision-making process. Agents can share screens with customers and help them to fill out application forms, or co-browse the company website to identify mortgage plans that spark customer interest.

Real-Time Processing

Omnichannel digital CX enables mortgage application forms to be completed in real-time. That’s a real boon for customer communicaiton and promotes the image of a modern brand. Further, it replaces cumbersome customer communication processes that used to involve emailing, printing, signing, scanning and then emailing back the same document. Omnichannel customer experience users can fill out the form, supply all additional documentation by scanning and uploading during a live call, have the data processed according to preset algorithms, and then receive the results of their application on the spot. They can also begin the process in one screen, and complete it across multiple channels. Quick and easy, the time from inquiry to approval is dramatically reduced.

The proof of effectiveness is revealed in improved customer feedback, greater customer retention, and maximum customer satisfaction. Everyone appreciates a seamless experience, especially in the financial services industry.

Omnichannel mortgage applications provide as much value to customers and the customer journey as they do to institutions and their professional services portfolio. Irrespective of the customer’s location, they can progress their application via their smartphone, while agents can simultaneously communicate with them to provide a high level of personalized care.

Learn More About FICX Omnichannel Digital CX Solutions

FICX is reimagining the way leading brands digitally transform their customer experience. As a pioneer and a leader in no-code CX app development and automation, FICX empowers modern enterprises to rapidly digitize and automate CX journeys, integrate them seamlessly to internal systems, and deploy them anywhere they engage customers. They ensure consistent experience so that consumer can choose their preferred channel or channels to complete their applications. By removing friction from sales and service interactions, modern enterprises cut costs, convert more sales and keep their customers happy. For more information about remaking your contact center and other customer service experiences, visit our website or request a demo.

For more content on digital CX and digital customer experience, download our CXO Guide

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