How Mortgage Companies Can Gain the Confidence of Millennials

March 9, 2020

Millennials have high expectations for all their business interactions and their expectations for mortgage companies are certainly no less stringent. This is a generation of technically savvy consumers who are heavily focused on social media. Their lives and perceptions have been greatly impacted by text messaging, mobile phones and instant and continuous web access. Being able to meet the expectations of this demographic is a great way to increase customer satisfaction. It can also lead to greatly increased efficiency for servicing companies.

Adapting Business Operations to Meet the Demands of Millennials

Given that they account for 25% of the total population, millennials are the largest generation in all the United States. They have also started purchasing a significant amount of property. Moreover, these consumers have and continue to take full advantage of all available communication modes, which has proven both beneficial and challenging for mortgage servicers. In order to assist these consumers, mortgage companies must have access to a vast array of communications options.

Enhancing the Commercial Website

The typical mortgage company has a comprehensive website with a rich, knowledgebase. This site might provide access to important loan information, reports and even payments. Unfortunately, however, many borrowers are still unable to find all the information they need online. It is often necessary to call in and talk with a live representative instead.

To increase the usability and value of their websites, mortgage companies should secure tools that connect borrowers and representatives. The best of these is an online chat platform, given that that this platform can serve as a natural extension of common, online interactions. More importantly, millennials are comfortable using these platforms when they need fast answers.

The Integration of Websites and Phone Service

A traditional phone call is sometimes the best way to clear up millennial concerns. Integrating phone services and websites is an easy and cost-effective way to enhance the page visitor’s overall experience. Web pages can include links to service request forms that require borrowers to provide their contact information and brief summaries of their problems or questions. Call center agents will then be notified of customer needs and can immediately call borrowers back. Ultra-rapid responses to customer questions will drive satisfaction levels up considerably.

Establish Multiple Avenues of Communication Through Mobile Phones

Millennials are largely focused on mobile phone technology and the many communication mediums that these supply. Mortgage companies are often expected to use text messages to communicate with borrowers. Once authorized to do so, these professionals can use text messaging to submit notices and reminders among other things. Through text messaging, the process can be expedited, and service calls can be limited.

Mobile phones also provide another form of web access. As per a recent report from comScore, over half of all web traffic is currently coming from hand-held devices such as tablets and mobile phones. Unfortunately, not all sites are properly coded for visibility on these devices. This makes it vital for mortgage companies to ensure that their websites are both viable and functional on a broad range of small-sized screens.

Interactive Voice Response

While millennials are comfortable using many new technologies for communication, they continue to use their phones to obtain service. They are familiar with interactive voice response and tend to be the most comfortable of all consumer demographics in using this technology. Interactive voice systems, however, must be impeccably well scripted for self-service, while providing adequate opportunities to connect with live representatives as needed.

Ultimately, millennials want to have choices. They want to have access to a large variety of platforms that allow them to connect and access information. Adapting to the expectations of this demographic could prove challenging, but it will invariably create a win-win situation for all involved.

Lakeside Title is a tech driven title agency that is consumer focused. If you have a question or need to have a smooth technology focused closing, give us a call today!!!