On the May 2 episode of my Lykken on Lending podcast, we got the opportunity to discuss digital disruption in the mortgage industry with tech entrepreneur Joe Dahleen. One of the topics we discussed was consumer experience, and how it has changed in the mortgage industry. How are consumers shopping for mortgages, and how are lenders responding?
The biggest trend occurring with the consumer experience in the mortgage industry probably has to do with mobile technologies. Very few people still research good and services at home on their computers. With mobile Internet becoming so accessible, people can search for the information they want whenever they want it. And that's exactly what they're doing -- even in the mortgage industry.
The problem is that most lenders are ill-prepared for consumers looking for information via the mobile web. We're far behind in making sure our websites are optimized for mobile browsing and that it's easy for consumers to get a hold of us through their mobile devices. Rule number one of the user experience is this: make it easy. If it isn't easy for consumers to find what they need and contact us, they will simply move on.
If we are to remain competitive, we've got to focus on the mobile consumer experience. The way people are shopping for mortgages is changing; we've got to take the initiative to acknowledge and respond to that change.