Kristin Moyer and Alistair Newton here. Process automation is being aggressively pursued by most lending organizations and is no longer an innovation, but rather a “must have” to maintain effective operations. Providing customers with process visibility is a next step in process automation innovation.
While customers in many other industries can expect to receive high levels of process visibility for many of their day to day transactions, such as allowing them to track online the progress of their pizza delivery order, or track the route of a parcel across the globe, lenders currently provide very little process visibility to their customers on their products and services.
For example, when customers apply for a loan, most of them must still call their originator to get a status update on the progress of their loan (for example, is it in pre-qualification (credit scoring, property verification, employment verification) or processing through ancillary services (appraisals, legal or underwriting)).
In addition to enhancing the overall customer experience and potentially speeding up access to the loan funds, the use of process visibility would also result in cost efficiencies by:
- Ensuring that all customer-facing staff were aware of the progress of loan applications, so reducing internal administration required to track such applications
- Driving customer self-service, resulting in reduced call center volumes for support and inquiry calls
- Highlighting opportunities for re-engineering inefficient or slow processes.
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