WEBINAR Digitally Transforming Your Mortgage Business And Driving Sales Alyson Clarke, Principal Analyst June 17, Call in at 12:55 p.m. Eastern

© 2015 Forrester Research, Inc. Reproduction Prohibited3 Agenda › Why mortgage businesses need a digital transformation › How best practice lenders are digitally transforming their mortgage business and driving sales › What should eBusiness and mortgage executives do to start the digital transformation of their mortgage business?

© 2015 Forrester Research, Inc. Reproduction Prohibited4 Agenda › Why mortgage businesses need a digital transformation › How best practice lenders are digitally transforming their mortgage business and driving sales › What should eBusiness and mortgage executives do to start the digital transformation of their mortgage business?

© 2015 Forrester Research, Inc. Reproduction Prohibited5 Outdated mortgage process and legacy systems have driven the customer experience for too long.

© 2015 Forrester Research, Inc. Reproduction Prohibited6 Technology is now affecting every aspect of our lives

© 2015 Forrester Research, Inc. Reproduction Prohibited7 Mobility accelerates the trend... *Source: Forrester Research World Smartphone Adoption Forecast, 2012 To 2017 (Global) and Forrester Research World Tablet Adoption Forecast, 2013 To 2018 (Global)

© 2015 Forrester Research, Inc. Reproduction Prohibited8... and fuels increasingly demanding expectations Base: 4,404 US online adults (18+) who use a smartphone; Source: Forrester’s US Mobile Mind Shift Online Survey, Q3 2013

Using Digital To Empower Employees Alyson Clarke | Principal Analyst November 13, 2014 Digital businesses continuously exploit digital technologies to both create new sources of value for customers and increase operational agility in service of customers.

© 2015 Forrester Research, Inc. Reproduction Prohibited10 Agenda › Why mortgage businesses need a digital transformation › How best practice lenders are digitally transforming their mortgage business and driving sales › What should eBusiness and mortgage executives do to start the digital transformation of their mortgage business?

© 2015 Forrester Research, Inc. Reproduction Prohibited11 Best practice lenders are using digital to support prospects during the mortgage purchase journey

© 2015 Forrester Research, Inc. Reproduction Prohibited12 Discover phase: Help customers discover and fulfill their needs

© 2015 Forrester Research, Inc. Reproduction Prohibited13 The customer’s purchase journey starts well before they contact a lender.

© 2015 Forrester Research, Inc. Reproduction Prohibited14 How best practice firms help customers in the discover phase 1.Connect with prospects early on, and stay connected. 2.Help people get to the content they need fast. 3.Engage prospects with educational content and calculators.

© 2015 Forrester Research, Inc. Reproduction Prohibited15 Chase’s app helps customers find their new home, and embeds calculators

© 2015 Forrester Research, Inc. Reproduction Prohibited16 Scotiabank.com’s Dream Home Finder also helps customers find their new home

© 2015 Forrester Research, Inc. Reproduction Prohibited17 Commonwealth Bank takes home search to a new level with augmented reality Source: December 22, 2011, “Case Study: Home Buying With Mobile Augmented Reality” Forrester report

© 2015 Forrester Research, Inc. Reproduction Prohibited18 USAA provides a one-stop shop for all mortgage-related needs

© 2015 Forrester Research, Inc. Reproduction Prohibited19 USAA helps educate customers well before they need a mortgage

© 2015 Forrester Research, Inc. Reproduction Prohibited20 Raiffeisen Bank International’s customers can select interests to determine content displayed on the secure site

© 2015 Forrester Research, Inc. Reproduction Prohibited21 Zillow shows refinancers how they can save money over time

© 2015 Forrester Research, Inc. Reproduction Prohibited22 Union Bank & Trust lets consumers compare their mortgage to their peers’

© 2015 Forrester Research, Inc. Reproduction Prohibited23 Chase helps customers get to mortgage calculators fast from their homepage

© 2015 Forrester Research, Inc. Reproduction Prohibited24 Wells Fargo educates home buyers with an interactive guide to homeownership

© 2015 Forrester Research, Inc. Reproduction Prohibited25 NatWest’s educational videos can be filtered by type of buyer

© 2015 Forrester Research, Inc. Reproduction Prohibited26 Explore phase: Make it easy for customers to find the right product

© 2015 Forrester Research, Inc. Reproduction Prohibited27 Help customers find the right product and get a personalized recommendation.

© 2015 Forrester Research, Inc. Reproduction Prohibited28 How best practice firms help customers in the explore phase 1.Help people find the right mortgage and drive their path to purchase. 2.Make it easy and valuable for prospects to get human assistance.

© 2015 Forrester Research, Inc. Reproduction Prohibited29 Quicken Loans lets customers compare mortgage options — highlighting key benefits

© 2015 Forrester Research, Inc. Reproduction Prohibited30 Citi’s selector tool allows users to input info and save the results

© 2015 Forrester Research, Inc. Reproduction Prohibited31 Citi shows prospects personalized options and moves toward next steps to apply

© 2015 Forrester Research, Inc. Reproduction Prohibited32 LendingTree embeds ratings and reviews throughout its site

© 2015 Forrester Research, Inc. Reproduction Prohibited33 Quicken Loans paths prospects by their home buying goal and includes a strong call too

© 2015 Forrester Research, Inc. Reproduction Prohibited34 US Bank proactively invites customers to chat during prequalification

© 2015 Forrester Research, Inc. Reproduction Prohibited35 Source: Nationwide Building Society ( and Cisco ( Nationwide launched Remote Advisor to reduce waiting time for mortgage advisors Nationwide uses Cisco’s Remote Expert Smart Solution to connect customers in branches with remote mortgage advisors. Results: Boosted mortgage sales performance by 66% Improved customer net satisfaction by 70% Cut costs of sales by 66%

© 2015 Forrester Research, Inc. Reproduction Prohibited36 Empower employees with digital tools to help engage customers and convert sales Standard Chartered’s “iNeeds” tool helps staff engage customers and convert sales.

© 2015 Forrester Research, Inc. Reproduction Prohibited37 Buy phase: Let customers apply in the channel that is most convenient to them

© 2015 Forrester Research, Inc. Reproduction Prohibited38 The mortgage application and closing process should be convenient.

© 2015 Forrester Research, Inc. Reproduction Prohibited39 How best practice firms help customers in the buy phase 1.The pre-approval process is fast and easy. 2.Applications and closing should be paperless across touchpoints. 3.Customer’s expectations are set before and after they apply. 4.It’s easy to reach human help. 5.Take a needs-based approach to cross-selling.

© 2015 Forrester Research, Inc. Reproduction Prohibited40 ABN AMRO helps customers applying online by embedding calculators into the application form

© 2015 Forrester Research, Inc. Reproduction Prohibited41 Kiwibank in NZ lets prospects get pre-approved in minutes

© 2015 Forrester Research, Inc. Reproduction Prohibited42 US Bank proactively invites customers to chat during prequalification

© 2015 Forrester Research, Inc. Reproduction Prohibited43 US Bank proactively offers assistance for incomplete applications

© 2015 Forrester Research, Inc. Reproduction Prohibited44 Paperless mortgage applications and closings will become the norm

© 2015 Forrester Research, Inc. Reproduction Prohibited45 Source: Silanis and Signature Mortgages Applications and closing should be completely paperless across touchpoints Signature Mortgage's paperless process lets applications be processed in one to two days (compared to seven to 10 days previously) and closings take less than 25 days (compared with the industry average of 45 to 60 days). The benefits : Reducing data entry errors Speed up applications and closings Lets customers apply through any touchpoint

© 2015 Forrester Research, Inc. Reproduction Prohibited46 Source: QuickenLoans MyQL app Quicken Loans’ mobile app lets customers easily track the progress of their application

© 2015 Forrester Research, Inc. Reproduction Prohibited47 Agenda › Why mortgage businesses need a digital transformation › How best practice lenders are digitally transforming their mortgage business and driving sales › What should eBusiness and mortgage executives do to start the digital transformation of their mortgage business?

© 2015 Forrester Research, Inc. Reproduction Prohibited48 Banks need to digitally transform their mortgage business.

© 2015 Forrester Research, Inc. Reproduction Prohibited49 Start by supporting prospects with digital across touchpoints 1.Map the customer journey for each type of mortgage buyer. 2.Break down the journey and focus on improving each stage. 3.Weave human and digital together across touchpoints. 4.Ensure that strong multichannel sales processes exist. 5.Identify adjacent needs and develop digital content that could cater to them. 6.Begin developing your strategy for the next generation of digital lending.

© 2015 Forrester Research, Inc. Reproduction Prohibited50 Selected Forrester Research › February 23, 2015, “Best Practices In Mortgage Sales” › February 23, 2015, “How US Consumers Research And Buy Mortgages” › November 25, 2014, “The Future Of The Branch Lies In Digitally Empowering Employees”

Questions?

Thank you forrester.com Alyson Clarke