Designing a Customer Experience that Empowers Home Buyers
One of the most crucial elements of moving into the digital mortgage arena was finding a partner who was open to our ideas. Some of the other fintech industry players we talked to tried to force us into their way of doing things, but the folks at Finicity treated Synergy One as a partner from the very beginning. Finicity let us deploy their technology in ways neither of our companies had ever imagined. Their team provided a consistent, reliable platform to build on. More importantly, they altered their internal processes to better deliver a quality experience to homebuyers applying for a mortgage. Their entire mindset is based on flexibility, and on offering the best technology to their financial partners. This freed us to focus on mapping the perfect customer experience.
The result of our collaboration is a safe, secure environment that provides instant and accurate feedback. Customers not only know what they can borrow right away, but they can also rest assured that their private information will remain confidential. That’s because everything happens under the Synergy One banner. At no point are borrowers taken to an external site or transferred to another app. Dealing with a single entity, even when going online, creates a stronger level of trust.
Think back to your own online shopping experiences. When you check out on Amazon, you stay on Amazon, but some online shops take you to an external payment site. When it’s PayPal, you’re okay with it, because it’s a vendor you know. But what happens when it’s a service you’ve never used before? Are you willing to submit your credit card information, or do you simply cancel your order?
For lack of a better term, this also makes the application process stickier. Were a customer to be taken to another company’s site for final approval, they’d be more tempted to seek out another lender for a quote. However, our unified point-of-sale solution helps to build a relationship between Synergy One and potential homebuyers. It allows our loan officers to streamline the mortgage application process while at the same time providing the kind of face-to-face expertise and reassurance customers need when they are setting up the biggest purchase of their lives. Since implementing Finicity’s verification of assets (VoA) in July 2018, we’ve gone from zero to thousands of verifications ordered through the mobile app.