Updates · 5 min read

How online mortgage lenders can win the digital experience game

The FullStory Team
Posted November 11, 2021
How online mortgage lenders can win the digital experience game

According to a recent survey by ICE Mortgage Technology, 58% of consumers said the ability to use an online mortgage application would affect their lender decision.

What’s more, 63% of consumers surveyed believe that an online mortgage process would make purchasing a home easier, whether they had been through the mortgage loan process or not. 

Both these stats point toward a common theme: digital processes are the future of home lending. So the next critical step for mortgage companies is to do digital well. 

At FullStory, we’re proud to partner with several leading online mortgage lenders to enable them to improve their digital experiences. We used our know-how from working closely with these clients to put together four ways to make your digital experience stand out in the crowd, along with some tips for how FullStory’s Digital Experience Intelligence can help you tackle those goals for your mortgage company. 

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Put humans first in your content

Buying a home is complicated, and the mortgage process can be confusing, stressful, and, frankly, a bit scary. Those applying for a mortgage want to feel cared for and guided by someone they can trust. After all, it’s one of the largest financial transactions of your life.

Before the rise of digital lending, it was easier for mortgage companies to build that trust by connecting with applicants either through in-person or phone meetings. And while the online lending process is certainly more convenient, it can also feel faceless and robotic—the opposite of what a hopeful homeowner wants to experience. 

For online lenders, finding the balance between digital convenience and customer-centricity is key. One way to do this is by putting your customer resources, like FAQs and contact information, front and center on your website. You can also tailor your messaging and marketing content to focus on human interaction and applicants’ needs to demonstrate your company’s commitment to giving clients the best possible experience. 

How DXI helps: With the ability to watch individual user sessions and create custom user segments, Digital Experience Intelligence enables mortgage companies to create personal connections at scale. DXI creates the ability to understand exactly what users are experiencing on your website, both on a granular level and in aggregate, so that you can create smoother, more reliable digital experiences for them—ultimately increasing the chance of conversion.

Emphasize your competitive differentiator 

There are more online mortgage lenders than ever before, and just like with any digital business, it’s critical to find something that sets you apart from competitors. Each mortgage company has its own unique brand and offering—whether it’s the lowest rates, the best customer support, or the most advanced technology. 

Find the thing that differentiates your lending company from the rest and make sure it’s conveyed clearly in your website’s messaging. 

How DXI helps: Digital Experience Intelligence can give you valuable insights into what your visitors respond to on your website. Then, you can make changes to your website based on that knowledge to achieve even more engagement. 

For example, if you find that a high percentage of visitors are interacting with a budget calculator on your homepage, consider making that feature even more prominent to encourage higher engagement rates. 

Focus on the first interaction 

The online lending industry is both competitive and fast-growing. Rocket Mortgage, for instance, reported 236% year over year revenue growth earlier in 2021. And since your website is often a customer’s first peek into your company, their first impression becomes vitally important. It’s important to make the first step toward conversion as simple as possible—whether that step is filling out a form or simply clicking a “Learn More” button. After all, you can't win a conversion if they don’t take the first step. 

Many websites use testing to optimize calls to action (CTAs) on their websites. This can be as simple as testing form placements or wording (like “Learn More” vs. “Get Started”) or as complex as presenting entirely different website experiences to different users.

Overall, the goal is to make the barrier to entry as low as possible for your potential customers. Instead of requiring a litany of information from prospects, many websites require the bare minimum for a team member to take action on the lead.

How DXI helps: Detailed funnel analysis can be a huge help in understanding why your users do or don’t engage with your content. Mortgage companies can use funnels to analyze hyper-specific segments of customers to unravel their behavior and make them more likely to convert. For example, you could set up a funnel that analyzes a single form on your website, and measure step-by-step how a customer engages with the form to weed out pain points.

Lean into dashboards 

Different types of loan seekers take different paths to conversion on lending websites. For example, first-time home purchasers might do more comparison shopping among lenders as they learn the ins and outs of the home buying process, while a more experienced shopper might have a clearer idea of what they’re looking for from a lender. 

For online mortgage companies, identifying and analyzing the behaviors of different types of shoppers can be informative for creating personalized experiences based on a shopper’s specific needs. 

How DXI helps: Using Dashboards in your DXI tool can help you monitor the different types of customers who are visiting your site with continuous, in-depth reporting on how each segment of users behaves on your site. This data gives you the ability to identify key differences in the different types of loan seekers and streamline their paths to purchase. Additionally, Dashboards help cross-functional teams work together more seamlessly by providing high-level metrics, like session length and conversion rates, at-a-glance. 

Find out more about how Digital Experience Intelligence keeps remote teams in sync in this blog post.

Find out how FullStory can help you level up your digital experience strategy.

Request a demo or try a limited version of FullStory for free.

The FullStory TeamContributor

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Our team of digital experience intelligence experts shares tips and best practices.

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