Mortgage lending customers expect their lending institution to deliver a digital experience in the mortgage application process.
PwC recently conducted an exclusive consumer study and analysis of 1,620 recent and prospective borrowers nationwide to understand what they expect in their home lending experience for purchase, refinance, and home equity transactions.
We ran a statistical analysis to determine whether offering six different digital tools was correlated with increased customer satisfaction, and found that all six had a statistically significant relationship. Simply put, lenders who offer high quality digital tools have higher customer satisfaction.
At the end of the day, borrowers view home-buying as a single transaction and expects all of the stakeholders to work together seamlessly and effectively. Lenders who effectively serve as the central point to orchestrate the overall transaction can position themselves as trusted advisers and improve the overall customer experience.
The question is no longer “Whether” customers want digital tools. It’s now a question of “When,” “Why,” and “How”.
Principal, Consumer Finance Group, PwC US
Banking and Capital Markets Leader, PwC US
Manager, Consumer Finance Group, PwC US