Online collaboration with customers in the bustling mortgage market

It’s been a busy year for the mortgage industry. Mortgage interest rates dipped to the lowest level in 50 years, so it’s hardly surprising that the financial market has been marked by a high rate of new mortgages. Home buyers are taking the plunge and investing in the home of their dreams. And the interest rates could even drop further, which would mean that mortgage providers can look forward to a busy period in the second half of the year too. But how can the financial sector ensure that it’s ready for this new dynamic period and still offer its customers the best possible service? Serge Leclercq, Sales Director at Hyarchis, explains.

Cooperation with stakeholders

The answer is online collaboration. Banks and advisers can be fully customer-centric and provide good service by working together online with customers, the staff of partners, and their own employees. Just consider something like sharing and managing files on a collaboration platform: not only does this speed up the mortgage application process, the customer also becomes a part of the process. All authorised stakeholders gain easy access to documents and information and can make changes where they deem necessary. This boosts the process, generating considerable time savings. And that’s something the financial sector can really use in these turbulent times. From a survey carried out on behalf of Hyarchis among 500 professionals working in the banking, insurance, pension, mortgage and accountancy sectors, it emerged that even more gains can be made in the field of online collaboration.

Exciting figures

Presently, 37% of the financial institutions use online collaboration “often”, 33% use it “occasionally”, and 30% “seldom”. These figures show an improvement compared with 2014 when 12% of the participants stated that they never collaborate online. The percentage of participants collaborating online often was also significantly lower at 28%. So it is evident that online collaboration is making major strides forward and is becoming recognised by an ever-growing number of professionals in the financial sector. And there’s more good news: the mortgage professionals, in particular, are ahead of the curve. Serge Leclercq is aiming to see these percentages rise even higher in 2016 so that we can determine at the end of the year that at least half of all financial service providers are now in the “often” group for online collaboration with stakeholders. The question is: How can organisations actually make this step successfully?

Major overhaul

To be able to collaborate effectively with customers online, it’s not enough to just rev up the efficiency of the existing systems. For truly profitable collaboration, all systems need to be overhauled. So not only do you need to recondition the front end, the connection with the systems under the hood (the mid and back office) needs to be fully attuned to the online collaboration principle too. This is major tuning, but it will ensure that you are able to handle the oncoming flood of mortgage contracts while boosting customer satisfaction. A win-win scenario!

Want to learn more about the Hyarchis survey?