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Leveraging the Consumer Experience

Sponsored by:
Today’s agenda.
Thanks for joining us! eLynx is pleased to
sponsor this webinar where you’ll hear
thoughts about the customer experience
from two of the nation’s top mortgage
originators.

What is the customer experience
and why is it important to me?
How are today’s customers
different?
How are Flagstar Bank and
SunTrust Mortgage improving
their customer experiences?

GOT QUESTIONS?
.

You can use the right-hand panel in
GoToMeeting to ask questions throughout the
webinar.

FOR MORE INFO.
www.elynx.com
Links to the presentation materials and the
recorded video will be distributed in email to
all webinar attendees.
Our speakers

Laura Venerable

Brian Vieaux

Tracy Leckie

eLynx

Flagstar

SunTrust
Why are we even talking about
the customer experience?
From the front page
of USA Today on
October 30, 2013

23% would rather gain
10lbs than take out another
mortgage???
Why is the mortgage process so painful?
?

44%
46%

Applying for a mortgage is a complicated process and
consumers don’t do it very often

Admit they are not confident in their knowledge of mortgages or the mortgage
process
Answer basic questions about mortgages wrong

2011 Zillow Home Marketplace consumer survey
Why is the mortgage process so painful?
There are many parties involved and it isn’t always clear
who’s doing what or how long it will take

56%
32%
31%

Say slow execution is one of the most painful aspects of the mortgage process

Say their lender is difficult to communicate with
Say they have been unable to track the status of their mortgage application

2013 Carlisle & Gallagher Consulting Group consumer survey
Unfamiliarity breeds
mistrust
- Fear of being taken advantage of
- Fear of making a mistake
- Fear of being wronged

- Owning a home is an emotional issue for many

CFPB complaints collected in first 2 years of operations
What is the customer
experience?
The aim of a customer experience focus should be
to form lasting, positive impressions on customers
that motivate them to maintain and grow their
relationship with you—in other words, to create
customer loyalty
Across all lines of business and
products

From branch to remote to mobile

Including staff and systems - even
social media
Question

Where are you in the journey of improving your customer experience?
[ Poll ]
How are today’s customers different?

Immediate
Marketing

Always On
Training

Connected
Assesment

People are beginning
to expect their retail
experiences to transfer
to their financial
services experiences.
Think like Amazon –
can I order a mortgage
and have it tomorrow?

The number of consumers
who spend every waking
hour with some form of
Internet access is growing.
And the adoption of
smartphones, tablets, and
other Web-connected
devices continues to
explode.

Customers are provided
with more content, and
more choice, much of it
beyond any bank's
control. Think about the
impact of the internet
and social media.

No Brand
Technology
Loyalty

Where previous
generations were highly
loyal, today’s
consumers are attuned
to shopping for a deal.
80% would consider
getting a mortgage from
Walmart or PayPal.
Question

What feedback do you have about your current customer experience?
[ Poll ]
Flagstar’s strategy
Brian Vieaux
Senior Vice Present, Home Lending Division
Troy, Michigan
Brian.Vieaux@flagstar.com
SunTrust’s experiences
Tracy Leckie
Vice President, MBIO, Document Management
Glen Allen, Virginia
Tracy.Leckie@suntrust.com
Getting started.
Assess where you are
Find ways to survey your
stakeholders, including customers as
well as internal staff and external
partners, for insight into priorities.
Include representation across
different channels (retail, online),
different products (refi, fixed, ARM),
and different segments (first-time
buyers, repurchasers).

Realtors

Customers

Decide what you can do
Don’t try to eat the whole elephant at
one time. Addressing all touchpoints
in the customer experience can be
overwhelming. Find specific projects
that fit into your overall strategy and
launch them.

Brokers
Final thoughts.
Focus and determination
are needed to overcome
organizational inertia and
resource strains.

In the current climate,
providing a great
customer experience
can differentiate you
from everyone else.

A new model built on
collaboration across all
departments at the bank is
essential to redefining your
customer experience.
Thanks for joining.

Laura Venerable | eLynx
LVenerable@elynx.com
www/elynx.com

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Leverage the Consumer Experience for a Competitive Advantage

  • 1. Leveraging the Consumer Experience Sponsored by:
  • 2. Today’s agenda. Thanks for joining us! eLynx is pleased to sponsor this webinar where you’ll hear thoughts about the customer experience from two of the nation’s top mortgage originators. What is the customer experience and why is it important to me? How are today’s customers different? How are Flagstar Bank and SunTrust Mortgage improving their customer experiences? GOT QUESTIONS? . You can use the right-hand panel in GoToMeeting to ask questions throughout the webinar. FOR MORE INFO. www.elynx.com Links to the presentation materials and the recorded video will be distributed in email to all webinar attendees.
  • 3. Our speakers Laura Venerable Brian Vieaux Tracy Leckie eLynx Flagstar SunTrust
  • 4. Why are we even talking about the customer experience? From the front page of USA Today on October 30, 2013 23% would rather gain 10lbs than take out another mortgage???
  • 5. Why is the mortgage process so painful? ? 44% 46% Applying for a mortgage is a complicated process and consumers don’t do it very often Admit they are not confident in their knowledge of mortgages or the mortgage process Answer basic questions about mortgages wrong 2011 Zillow Home Marketplace consumer survey
  • 6. Why is the mortgage process so painful? There are many parties involved and it isn’t always clear who’s doing what or how long it will take 56% 32% 31% Say slow execution is one of the most painful aspects of the mortgage process Say their lender is difficult to communicate with Say they have been unable to track the status of their mortgage application 2013 Carlisle & Gallagher Consulting Group consumer survey
  • 7. Unfamiliarity breeds mistrust - Fear of being taken advantage of - Fear of making a mistake - Fear of being wronged - Owning a home is an emotional issue for many CFPB complaints collected in first 2 years of operations
  • 8. What is the customer experience? The aim of a customer experience focus should be to form lasting, positive impressions on customers that motivate them to maintain and grow their relationship with you—in other words, to create customer loyalty Across all lines of business and products From branch to remote to mobile Including staff and systems - even social media
  • 9. Question Where are you in the journey of improving your customer experience? [ Poll ]
  • 10. How are today’s customers different? Immediate Marketing Always On Training Connected Assesment People are beginning to expect their retail experiences to transfer to their financial services experiences. Think like Amazon – can I order a mortgage and have it tomorrow? The number of consumers who spend every waking hour with some form of Internet access is growing. And the adoption of smartphones, tablets, and other Web-connected devices continues to explode. Customers are provided with more content, and more choice, much of it beyond any bank's control. Think about the impact of the internet and social media. No Brand Technology Loyalty Where previous generations were highly loyal, today’s consumers are attuned to shopping for a deal. 80% would consider getting a mortgage from Walmart or PayPal.
  • 11. Question What feedback do you have about your current customer experience? [ Poll ]
  • 12. Flagstar’s strategy Brian Vieaux Senior Vice Present, Home Lending Division Troy, Michigan Brian.Vieaux@flagstar.com
  • 13. SunTrust’s experiences Tracy Leckie Vice President, MBIO, Document Management Glen Allen, Virginia Tracy.Leckie@suntrust.com
  • 14. Getting started. Assess where you are Find ways to survey your stakeholders, including customers as well as internal staff and external partners, for insight into priorities. Include representation across different channels (retail, online), different products (refi, fixed, ARM), and different segments (first-time buyers, repurchasers). Realtors Customers Decide what you can do Don’t try to eat the whole elephant at one time. Addressing all touchpoints in the customer experience can be overwhelming. Find specific projects that fit into your overall strategy and launch them. Brokers
  • 15. Final thoughts. Focus and determination are needed to overcome organizational inertia and resource strains. In the current climate, providing a great customer experience can differentiate you from everyone else. A new model built on collaboration across all departments at the bank is essential to redefining your customer experience.
  • 16. Thanks for joining. Laura Venerable | eLynx LVenerable@elynx.com www/elynx.com