Carlisle & Gallagher, the same consulting firm that found that one in three consumers are willing to pay more for better service from their mortgage provider, conducted another study released this month to find what exactly consumers want from their bank.
Of the same group that participated in the September survey, 32 percent said they had poor communication with their lenders, and 56 percent said slow execution is one of the “most painful aspects” when applying for a mortgage.
The study also found that while the majority were overall satisfied with their banks, over 80 percent said they were willing to take out a mortgage from a non-bank, including PayPal and Walmart, neither of which currently offer mortgages. In particular, high interest rates, payments and taxes are also among the most common complaints.
Solving the frustrations of the banking industry
In a world with a growing shadow industry, it’s important for the financial institutions that often back non-bank lenders to remain financially solvent and relevant. By finding what exactly borrowers expect and want when applying for a loan, financial institutions can offer the needed support.
Between better service and quicker execution of originating loans, application processing software can help banks and other financial institutions meet consumers needs before they turn to alternative loan providers. By using application processing software, banks can cut back on the time needed to process loans and instead build stronger relationships with customers.
While acquiring new customers with loan processing software, customer management software can also allow financial institutions to keep up with existing customers and provide more communication between borrowers and lenders.