Mortgage sales cycle time reduced, conversion increased
Background
Our banking client was facing rapidly shrinking margins and a sub-optimal conversion rate, coupled with stable back office costs. To remain competitive, productivity had to be raised and costs slashed.
Approach
Our client team began measuring the overall cycle time and that of the various process steps in the mortgage sales process. This provided insights and suggested the best approach. Elements critical to lowering the cycle time included receiving the necessary documentation from customers, being flexible in scheduling customer appointments and staying in close contact with the customer during the sales process. We set goals for the overall cycle time and for the various process steps, which were closely monitored on a daily basis.
Results
Cycle times were reduced by 50%. Apart from this productivity increase we also achieved a significant increase in conversion rate, in other words costs went down and revenues went up.
