The mortgage industry is ready for change. The emergence and spread of COVID-19 has led to the rapid integration of technical solutions to replace in-person applications and the submissions process.
Many customers prefer to not meet mortgage brokers in-person, and mortgage hopefuls are quickly adopting digital channels as their first step to onboard and interact with mortgage brokers.
With a digital-first experience now the norm, the expectation of customers will continue to rise. Mortgage brokers need to offer the most efficient seamless tools for their customer’s experience.
Here are our top three tips for mortgage brokers and lenders in the mortgage industry to improve the digital experience for their customers to navigate a post-COVID world.
The three ways mortgage brokers can improve the digital experience for their customers are:
- Keep ID&V Safe & Secure, Regardless of Whether In-Person or Online.
- Keep ID&V Simple.
- Be Clear and Transparent With How You Protect Your Customer’s Data.
1. Keep ID&V Safe & Secure, Regardless of Whether In-Person or Online.
Customers want to be able to interact with mortgage brokers digitally or in a contactless way as there are instances where customers will still need to go into a physical location to finish their account or finalise details in person.
Using identity verification technology on hand-held tablets to verify a person by taking a picture of an identity document without an employee having to physically touch the document, blends contactless and in-person. Not only does this digital authentication method provide compliance with KYC regulations, but it also improves assurance levels using technology to authenticate and validate with more certainty, whilst providing safe interactions for those involved.
You can see more examples of ID-Pal use-cases here.
2. Keep ID&V Simple.
Try to find the right balance of a seamless digital ID&V experience that is customised to the broker’s specific requirements.
For example, every ID-Pal customer journey starts with a personalised SMS sent directly to the customer’s mobile phone. The recipient then downloads the ID-Pal App, which immediately opens a series of clear easy-to-follow instructions on how they can verify their identity.
The whole process takes less than one minute for the customer, followed by a confirmation e-mail which completes the identity verification process. The business outcome is a newly on-boarded customer with a verified KYC process. A process that is quick and hassle-free, and can be completed in their own time in the comfort of their own home.
3. Be Clear and Transparent With How You Protect Your Customer’s Data.
Most customers understand they are required to provide certain information and documentation to open a financial account. However potential customers can abandon completion of the submission process when it comes to providing more intimate personal information. There can be instances where people are less comfortable sharing their biometric information, despite the outlined security and GDPR compliant measures in place to protect the security of their data with you and your partners.
Fortunately, the vast majority of users can be persuaded to provide biometrics for security purposes by offering assurances – explaining how their information will be used and stored. For example, customers are more comfortable providing personal information once they are assured it will not be shared with third parties.
So how can ID-Pal help mortgage brokers offer the most trusting, seamless journey to their customers?
As the data processor, ID-Pal never stores customer details belonging to the host business, and identity information is securely stored in the business portal. This is communicated at all stages of the onboarding process.
By incorporating explanations in an clear, helpful way, any mortgage broker can satisfy their needs with our intuitive user experience and platform security. The business result will be faster, smoother onboarding enabling you to focus on the provision of your service.
ID-Pal helps to provide a positive first impression and experience for mortgage broker that today’s customers are expecting, driving customer conversion rates whilst ensuring robust compliance with AML and GDPR regulation.
For brokers and lenders to survive and thrive a post Covid-19 world, embracing digital technology and being able to adapt quickly to ever changing market dynamics will be key to success.
Contact us today for a live demo of how the ID-Pal service can be easily integrated with your mortgage business.
See how we can help your business.