MEQUON, Wis. — Credit unions and their members will now be able to consistently communicate across multiple channels throughout the mortgage application process as Mortgagebot released its new integrated point of sale solution.
The new platform, called PowerSite, integrates the mortgage application, pricing, and approval process to create a consistent and member experience over the Internet, in branches and in the call center, according to Dan Welbaum, VP and chief marketing officer.
"It's not just important to offer additional channels, but you need to be able to offer a system so you can recognize the member consistently across those channels," he explained, noting that most financial institutions have "disparate systems in different channels or nothing on one or two of those three channels. Without this kind of platform you're dealing with different systems."
Mortgagebot serves more than 900 FIs, including about 300 credit unions, and Welbaum pointed out that it is the American consumer that has compelled organizations to have a consistent approach at all of its touchpoints. Though a significant amount of mortgage application traffic takes place in call centers and in branches, more than 70% of phone applicants and 60% of in-person applicants scour the Internet first for information on pricing as well as the application process. CUs that were comfortable with one channel over the other need to recognize that they are losing business if they don't have a consistent and superior experience at all possible touchpoints.
"Step one they need to take is to offer different channels because members want to touch you with different channels," Welbaum said. "Now we're saying that the market needs to go to the next level to provide one platform for the Internet, in the call center and with loan officers."
PowerSite Consumer, Advisor and Pro provide a single platform with different tools for the Internet, call centers and for professional loan officers respectively. Now if a member begins the application process online but wants to finish it later or needs assistance, he can simply make a request in the call center or walk in to a branch and there is no need for data to be entered multiple times. The IPOS also provides customer-service and other non-lending personnel in branches to walk members through the application process in the branch thereby increasing employee efficiency and capturing an application that may have otherwise slipped through the cracks, Welbaum noted.
