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How Omnichannel Banking can Improve the Mortgage Application Process

May 10, 2019

The ecosystem environment of an omnichannel banking solution empowers operations; minimizing time and effort for agents and administrators as it does for customers. The dynamic capabilities of omnichannel banking means that financial institutions who are seeking to differentiate from their competition, can now offer the ability to expedite mortgage application processes. Doing so, without compromising process requirements or costs, while building on the quality of their customer service.

The Time to Innovate is Now

While the banking industry has experienced enormous leaps and bounds 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, if not stressful for the customer.

CallVU’s digital engagement solution which is implemented in an omnichannel system, helps financial institutions to simplify the mortgage application process, by dramatically reducing the hurdles to completion.  

Dynamic Application Forms

CallVU’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 distribution. In omnichannel banking, once a form is created and sent to customers it can be accessed from multiple devices, be it web, tablet or smartphone and published across multiple formats, such as PDFs, mobile wizards and web forms. The integration afforded by omnichannel banking facilitates document consolidation whereby all data provided by a customer is automatically transferred and consolidated to a centralized database. 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 an organized format.

Collaboration is key

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 portal. The portal takes place on a digital sphere, and like every other touchpoint, is integrated within the omnichannel banking environment. 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 provide digital signatures.

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 web site to identify mortgage plans that sparked the customer’s interest.

Real-time Processing

Dramatically cutting through processes that took days, if not weeks to complete, Omnichannel banking means mortgage application forms can be completed in real time. Extensive processes that involved emailing, printing, signing, scanning and then emailing back the same document, has now been reduced to potentially one interaction. Customers can fill out the form, supply all additional documentation by scanning and uploading them during a live call, have the data processed according to preset algorithms and then receive the results of their application on the spot. Quick and easy, the time from inquiry to approval is dramatically reduced.

Omnichannel banking provides as much value to customers as it does to institutions, as all this can be achieved while customers are on the go. 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.

Read more about the 5 Benefits of Providing an Omnichannel Customer Experience

CallVU’s solutions employ an omnichannel banking environment that blends together a variety of digitized and collaborative tools that help customers through the mortgage application processes.The result is a seamless engagement that dramatically expedites the process at minimal cost and yet at great revenue generating potential.