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Welcome back to another week, as we’re already halfway through September. Today kicks off Week 46 until the go-live for the TILA-RESPA Integrated Disclosures on August 1, 2015. If you’re staying on par with the Lender Implementation Timeline, then that means there’s only three weeks left until you wrap that phase up. Will you be finished with this phase in three weeks? And as you wrap that up, we ourselves also get closer to kicking off the eClosing pilot with the CFPB.
Last week we continued to discuss digital transformation, and information related to one of the key areas: customer experience. While there are hundreds of great statistics available around customer service, feedback and customer experience, we pulled 11 that spoke really well to doing business digitally. If you missed it, they were:
1. 92% of companies surveyed reported a decline in customer satisfaction; consumers were most disappointed by inconsistent service. (Salesforce.com)
2. Consumers are two times as likely to share their bad customer service experiences than they are to talk about positive experiences. (2012 Global Customer Service Barometer)
3. 42% of service agents are unable to efficiently resolve customer issues due to disconnected systems, archaic user interfaces, and multiple applications. (Forrester)
4. 89% of consumers have stopped doing business with a company after experiencing poor customer service. (RightNow Customer Experience Impact Report)
5. A customer is four times more likely to buy from a competitor if the problem is service related vs. price or product related. (Bain & Co.)
6. 55% of consumers would pay more for a better customer experience. (Defaqto Research)
7. It takes 12 positive customer experiences to make up for one negative experience. (Parature)
8. 83% of consumers require some degree of customer support while making an online purchase. (eConsultancy)
9. 45% of companies offering web or mobile self-service reported an increase in site traffic and reduced phone inquiries. (CRM Magazine)
10. While 73% of companies with the most positive CX impact understand the link between customer experience and business results, only 35% of companies with the least positive CX impact claim the same. (Temkin Group)
11. A 10% increase in customer retention levels result in a 30% increase in the value of the company. (Bain & Co)
Additionally, we also connected the dots with our solutions based on consumer feedback of the closing process that surfaced from a CFPB article back in April. It stated the following three major pain points of consumers with the closing process:
- Not enough time to review
- Overwhelming stack of paperwork
- Complexity of documents and errors
Which resulted in the CFPB goals of:
- Enable consumer understanding
- Incentivize early document review
- Facilitate error detection
While we drew a direct correlation of solutions we’ve had at Pavaso to those goals, it’s important to also remember that you shouldn’t just be focusing on TILA-RESPA (although that is definitely enough for the next couple of months). You should also be focusing on how to win more demanding and tech-savvy consumers in a sluggish economy, and we can help you with that.
As always, check back this week for updates, and be sure to visit www.TILARESPA.com to view a growing knowledge base of information and forums where you can ask questions and interact with others in this industry.
All information and views expressed or implied are provided without warranty and are only the opinion of Pavaso, Inc. Each participant should seek legal representation for legal interpretation of the ruling and the CFPB directly for final instruction and interpretation.The final rule can be found here.