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Technology’s integration into our professional lives has in many cases rendered personalized interactions obsolete. But the severity of that shift still heavily depends on the industry in question and, despite what some believe, there will always be a place in the mortgage business for a human touch.

While technology might make our jobs easier, perhaps in the form of a virtual home showing rather than a drive to a neighborhood, or an e-signature rather than the strike of a pen, personalized customer service remains one of the top-most coveted components of a positive business experience. 

Companies are looking for alternative ways to optimize cutting-edge technology in an effort to enhance their customers’ overall experience without sacrificing profit. However, simply implementing this technology may not be enough to stay competitive in today’s environment.  We need to ensure that the way we are integrating technology will not only unlock value, but retain high customer service satisfaction levels.  

Top-performing businesses are leveraging innovation to improve client interactions, providing a more efficient and seamless customer experience in an attempt to generate improved customer loyalty. Unfortunately, relying on this new digital mortgage technology may not be enough to actually foster allegiance. According to J.D. Power’s 2017 Mortgage Origination Satisfaction Survey, the use of digital technologies by customers increased to 43% in 2017 versus 28% in 2016, yet it’s come at the expense of overall customer satisfaction, which was down 18%.  

In our great haste to be on the forefront of unique applications, perhaps we should consider whether we are placing too much emphasis on innovation and an underwhelming level of emphasis on personal customer interaction. Technology on its own will not build customer loyalty, trust and satisfaction, and those who believe the contrary do so at their own peril.  

For the past few years the mortgage industry has been inundated with the notion that Millennials are tech savvy and only want to interact via mobile device, however, some experts believe otherwise. I recently had the pleasure of listening to Jason Dorsey, co-founder for the Center for Generational Kinetics, deliver an excellent keynote speech explaining why this simply is not true.  

Millennials are not just tech savvy, they are tech dependent. Yes, you will find many of them attached to their mobile device, but their trust, loyalty and satisfaction is built the good old-fashioned way — human interaction. This interaction is not just face to face with the person, but can be via a personalized video, voice message or even text. We need to start utilizing technology to complement our brand-building efforts — keeping our customers informed while also, and more importantly, building that human touch.

I can illustrate this concept with a quick story.  While visiting with colleagues in my home office in Raleigh, North Carolina, recently, my parked truck was hit by another vehicle causing $13,000 in damages. Not surprisingly, this type of extensive damage was estimated to take about six weeks to repair. 

The auto body repair shop knew I lived out of town and provided me with regular updates on the progress of the repairs. They provided this communication through video recordings. I received a personalized video every week from them explaining what they were doing, videoing the progress and even introducing me to the team members who were working on my truck. 

This effectively communicated to me exactly where my truck was in the process and built confidence in their service. With a visual and more personalized method of communication, they made me feel more comfortable and less removed from the process, and this really influenced my feeling of being provided five-star service.  I had never met these folks face to face, but we developed a strong relationship thanks to the human touch they delivered via an adept use of technology.  

We can use this concept to our advantage in the mortgage industry. The J.D. Power survey showed more people are utilizing the digital mortgage experience, but satisfaction is suffering.  Here are some ideas we can use to increase satisfaction:

• Human touch – Personalized introduction videos sent to each borrower. Keep it short, one to two minutes in length. Welcome them by name, explain the process to them and let them see your face. Maintain regular video communication throughout the major milestones of the loan to keep the customer feeling connected. Explain in detail what is going on and what the consumer can expect.

• Social media – Don’t forget that social media is the first place many new borrowers are going to search. Consumers are investigating what kind of company they prefer to work with. A company with a well-documented, active presence in the local community imparts a feeling of familiarity and comfort. New borrowers will associate these positive feelings with that brand and have a higher level of comfort doing business with them.  If a company’s online presence is cold and unwelcoming, chances are higher that they will take their business elsewhere.

• Email / text messages – Keep it short and sweet. No one is going to read a lengthy email about what the process is going to entail. Most people today view their email on a mobile device and only read the subject line. Share pertinent details in a succinct way that imparts the message even if the email isn’t opened.     

Technology is a wonderful tool to enhance a company’s business plan but it is simply a tool. It’s time we stop relying solely on technology to carry our customer service experience. There is a reason Quicken Loans/Rocket Mortgage is still No. 1 in J.D. Power’s client satisfaction survey.  They have built a strong technology platform but also created a solid brand around social media, TV advertising, sponsorships and personalized touches.  

We need to bring back the personal touch that has historically been a staple in our industry.  We have relied on technology to save a few bucks but there are indications that the unintended consequences may require that we revise our strategy.