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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 42 November 2024 F E A T U R E S T O R Y PUTTING OUR FOCUS ON THE BORROWER'S EXPERIENCE While technology is upgraded and elevated in the mortgage space, nothing can replace the deep understanding of a borrower's needs that only a lender can have. B y P E D R O G A R C I A T he integration of artificial in- telligence (AI) technology into the lending space has opened doors for countless possibili- ties. Loan options can be personalized, outcomes can be predicted, and all processes can be expedited at incred- ible rates. As AI continues to expand, it becomes increasingly important to focus on the quality of the customer experience. Maintaining a positive borrower experience is vital for culti- vating long-lasting relationships where borrowers feel comfortable making a big financial step with their mortgage lender. In the fiercely competitive home lending market, delivering exception- al customer experience has become the ultimate differentiator for lenders seeking to stand out and build lasting relationships with borrowers. As bor- rowers are increasingly empowered by technological advances, and continue to have access to endless lending options, lenders must go beyond simply offering competitive interest rates—there must be more to the relationship. While technological advancements play a role, true differentiation stems from an unwavering dedication to elevating the borrower's journey at every touchpoint. Getting the Borrower Experience Right T echnology serves consumers so proficiently in this day and age that it is easy to forget that it cannot solve every problem. This is especially true of the bor- rower experience. While technology plays a role, it cannot cultivate lasting, impactful customer relationships on its own. To do that, it takes the seamless fusion of innovative solutions with unparalleled service. The combination of technology and service enables lenders to build trust, foster transparency, and, craft an outstanding borrower experience. This commitment involves not only the seamless integration of technology, but also a deep understanding of the needs of the borrower. While technolo- gy is constantly upgraded and elevated, nothing can replace the deep under- standing of borrower needs that only a lender can have. Feeling understood and seen by the lender fosters a genu- inely great borrower experience, as it builds trust and lays a foundation for long-term partnerships. This long-term mindset is crucial, as it underscores the lender's commitment to the borrower's success beyond a single transaction. By prioritizing the customer's needs and goals, lenders can position themselves as trusted advisors, guiding borrowers through the intricate lending process with clarity and confidence. This approach involves listening to the borrower's needs, understanding their specific financial goals, and offering tailored solutions, which just became easier with the help of AI applications. The Role of Personal Interaction I n the digital age, where automation and AI are becoming increasingly prevalent, the importance of personal interaction cannot be overstated. Bor- rowers need a real person to guide them, and they have a better experience when there is someone walking alongside P E D R O G A R C I A is CEO of Mortgage Cadence, an Accenture company. He brings vast experience in financial services and banking to his role, having worked with clients around the world and serving as Global Client Account Lead for one of the largest global banking client accounts in Accenture. Pedro joined Accenture in 1985 and has specialized in managing mergers and acquisitions and large transformational programs for global financial services players.