Fintechs are evolving faster than ever, rapidly disrupting the lending space. Shifting regulatory requirements and growing consumer expectations for personalization, speed and convenience are further compounding the situation. As a result, mortgage companies are looking beyond cost to create and sustain a competitive advantage. Customer experience, risk management and regulatory compliance are taking center stage in their quest to deliver value in today’s dynamic market place.
Delivering on these mandates, however, requires sophisticated operational capabilities driven by skilled resources, best-in-class processes and next-gen technology platforms. Collaborating with a reliable mortgage BPM company can enhance agility and create sustainable business impact through benefits such as operational efficiencies, rapid technology deployment and superior customer satisfaction. But how do you know which BPM company is right for you?
Here are some tips to help you choose the right partner.
Look for a comprehensive service range and deep expertise
The range of processes performed by the BPM must span the entire mortgage lifecycle – from mortgage origination to closing and servicing. This way you can partner with a single BPM provider for all your needs rather than engage multiple service providers. The chosen provider must bring extensive capabilities in process reengineering, business transformation, compliance management and advanced analytics – areas that are critical for success in today’s dynamic and highly regulated mortgage landscape. A provider that has this deep expertise and offers right-shore delivery models can help you boost operational efficiencies and cut costs.
Keep technology capabilities top of mind
According to IDC, by this year, 75% of enterprise and independent software vendors will include cognitive/AI or machine learning functionality in at least one application. BPM companies leveraging next-gen technologies such as RPA and AI will drive competitive advantage through services and solutions that proactively detect issues, deliver process efficiencies, and enable better decision making.
Ensure customer-centricity is in their DNA
Today’s savvy consumers expect personalized services and rapid resolution of issues. Digitization offers lenders the opportunity to engage customers on multiple channels and develop meaningful customer relationships by using data to optimize their experience. The chosen provider must offer omnichannel customer engagement across platforms such as phone, email, chat and social media, giving consumers the flexibility to connect on a channel of their choice.
Check if process standardization and reporting is their strong suit
Standardized processes, clear reporting and transparent management are fundamental to the success of your partnership. Frequent, in-depth reporting provides real-time insights into the BPM company’s performance, allowing you to set goals, track metrics and course correct as needed. Real-time reports for critical metrics, daily/weekly status reports, and monthly management and customer satisfaction reports are highly recommended.
Partnering with the right BPM company can generate a host of benefits. An increasing number of mortgage companies are leveraging BPM to create instant access to skilled resources, mitigate risks, deploy best practices, and enable faster time to market for technology enhancements. And guess what? It’s working.
Want more guidance to help you orchestrate a seamless lending process using a Business Process Management partner, check out our mortgage BPM insights sections.