In order for mortgage lenders to deliver a better borrower experience and win more business, they must put a greater focus on the employee experience, a recent report from STRATMOR Group finds.
Very often, mortgage lenders lose sight of the fact that their employees must be happy with the tools and processes they use to serve borrowers, in order to deliver superior customer service.
“It’s been said before by many of the world’s top customer experience strategists: your customer experience can never rise above your employee experience,” says Sue Woodard, senior advisor at STRATMOR Group, in a release. “Many of us have been guilty of having a relentless focus on the customer experience without paying enough attention to the experiences of the staff we ask to work for and with our customers.”
“Every company has an employee experience, though many executives never think about it,” Woodard says. “They understand company culture, and plenty of time is spent trying to create one that will make it easier to recruit and retain good people, but the day-to-day experience of the people on the front lines is rarely considered.”
Woodard says lenders should solicit feedback directly from employees on how they feel about their job experiences.
But the measures that are implemented in response to this feedback will need to vary depending on the type of lending business.
“Banks are different from IMBs, distributed and centralized models have different experiences, as do channels such as consumer direct and retail or third-party originations — all impact the employee perspective, which will drive the borrower experience,” she says.