Neal Jannels is Managing Director of One Mortgage System (OMS)
We can all learn a lot of different voices in different industries, especially when it comes to understanding exactly what customers want. Like many people, I sometimes waste a few hours here and there on the internet. Whether it’s falling into a YouTube wormhole or digging deeper, I might have originally planned a topic of interest. There is such a vast expanse of information available at your fingertips that we are only scratching the surface, but any additional knowledge is better than none.
In this spirit, I would like to highlight two short passages that recently caught my attention. The first was from an article on Forbes titled “2022 customer experience predictions: what to expect in the fast-paced world of online shopping:
Launch of the world’s first fully digitized property settlement process in the UK
“The global business strategy will be regional. Brands can no longer expect what works for a customer in one country to work for someone else. As a result, global brands will tailor each customer’s experience to their region (for example, speaking to them in their language and designing localized conversational AI experiences). For years, companies have created marketing campaigns designed for each of their markets while relying on a unique approach to customer service. Over the coming year, brands will realize the mistake they made and improve their international support experience. »
I understand that the vast majority of businesses operating in the mid-market mortgage market are purely UK focused. For me, the relevance of this passage is simply to highlight the importance of ensuring that we treat our customers as individuals, even those who may operate in the same postcode. We must realize that everyone has unique needs, preferred modes of engagement, and the level and types of support required on a one-time or ongoing basis.
The following excerpt is from Entrepreneur.com – ‘How customer discovery can dramatically improve your product’s market fit:
“Successful companies understand that having a good idea isn’t enough to convince consumers to give them money for their product. While the initial feedback you receive from friends, family, and co-workers may be positive, you might get an entirely different reaction from your target customer. It is essential to carefully develop your product to ensure you have a good product-market fit.
What is product-market fit?
Product-market fit is a concept in which a product naturally generates high demand in the market. In most cases, this demand is the result of a problem consumers have that the product can help solve immediately. While this may seem logical, it can be difficult to achieve without the proper process in place to assess and refine your product or service.
Most companies start small and test their products before they grow. Understanding the product-market fit framework can help you determine if your business or startup is ready to scale.
Again, there’s nothing too complex about this, and you only have to watch an episode of Dragon’s Den to appreciate it, but that’s not because it’s just advice. that is not worth repeating. The pandemic has caused customers and businesses to rethink many choices and priorities. They are also more aware of how and where they spend their money. When focusing on the middle market, the need for more cost-effective solutions, ever-increasing compliance requirements, and heightened customer expectations make digital transformation a high priority for various businesses.
As a leading technology provider, understanding exactly what our customers and their customers really want is critical. Of course, it’s not always easy. There are many layers of complexity in the UK mortgage market and individual businesses will be looking for something different from their technology provider of choice. This means that the people behind these solutions must have a deep understanding of the market. Coming from a background in mortgage brokerage and packaging, the OMS leadership team realizes that every broker does things slightly differently. When working with distributors and lenders in different market sectors, we also need to understand their practices and preferences so that the platform provides them with exactly what they need, not someone else’s version.
In the modern mortgage market, technology must be developed with purpose, market experience, and a clear picture of what it can offer every customer, large and small. It should have a sturdy frame but be customizable. Be scalable but also agile. That’s why we spend so much time with new clients, because it’s the only way to get a true understanding of their business and how best to support them in the future.
So choose your technology provider wisely, make sure they don’t have a one-size-fits-all approach to customer service, and have a product that fits your business, your customers, and your market.