2. Business process for mortgage broking
Lead
Generation
Conversion Implementation
Loan Book
Maintenance
Life Cycle Selling Activities
3. Implementation
Implementation is the stage where we process the loan application from preparation to
settlement.
Most brokers take the attitude that the selling has been done and it is the time to “pass
the buck” to admin or processing staff in this process.
However this is the stage where the customers “see your true color.” through the loan
application process experience. Apart from technical activities, we must focus on
creating great customer experience during the whole process with selling activities
4. We’ll cover…
• What is customer experience
• Why customer experience matters
• Create a great customer experience strategy
5. Customer experience
Customer experience is about how you, as a business owner, treat your customers. It’s all
about putting customer needs at the centre of what you need to do and then ensuring along
all the relevant customer journeys that the customers have a flawless experience.
In the conversion stage, the borrowers are focusing on whether they can get a loan and
what they will get.
While in implementation stage, the borrowers will spend most of time waiting, anxiously in
most cases, for loan process and assessment outcome. It is the time when the borrowers
observe how you deal with their loan application and evaluate if you deliver what you had
promised. So this is the stage where the customer experience is put on test.
6. Why customer experience matters
“A satisfied customer is the best business strategy of all” – Michale LeBoeuf
When a customer is satisfied with a business, they are more willing to stay with you for
long-term and also have a higher potential to refer new business to you.
7. Create a great customer experience strategy
The following are 5 ways to get your customer experience strategy right.
• Understand how your customers want you to engage with them
• Define touchpoints in the customer journeys
• Create a consistent brand experience across different business process stages
• Be attentive to customer feedback
• Use technology to automate communication tasks and make it convenient for customers to
communicate with you
8. Understand your customer
Your customers are individuals. They have their own preference on how you engage with them.
Some prefer email communications while some talking over the phone.
To create the best customer experience, you need to first understand your customers. Simply
ask them.
Once you have enough information, you can have the system and technology to communicate
with them in their way, that can hugely impact your customer experience
9. Define touchpoints in customer journeys
The loan implementation process is a customer journey which is consisted of several key stages,
such as preparation, packaging and lodgement, assessment, documentation and settlement etc.
Each of these stages are the touchpoints when you need to communicate with the customers.
10. Create a consistent brand experience
The key here is Consistency. You must demonstrate the consistency in the message as well as
the method of delivery.
When delivered consistently, your communication will be part of your personal branding which
will differentiate you from the rest.
11. Be attentive to customer feedback
How do you know your customers are satisfied with your service?
It is essential to have a customer feedback loop in place so that you can assess and review the
processes to improve the customer experience.
The best way to achieve this is to conduct a customer survey after settlement. You can even
follow it up with a phone call for more details.
12. Use technology
Effective and responsive communication is now the norm for business.
An automated and work-flow driven email delivring system will hugely improve the effectiveness
and efficiency in delivering consistent messages.
Live chat and facebook message are also effective ways to provide instant communication with
customer enquiries.
