He added: “The problem is there are still pieces along the journey that require some human intervention, so you’re looking at the Gen Y, Gen Z versus boomers, pre boomers and X – they all have a different distinct path they like to follow, and when those pieces are missing, there’s less satisfaction.”
Lenders had relied heavily on building transparent technology into the process to reduce the overall cost, while trying to create what Houston called “a customized experience”.
However, it was not possible to do this. “You can’t customize everything, you can’t cater to every nuance of the customer segment,” he warned.
His message to lenders was to “pinpoint the pain points” in the customer journey. He said: “Look at it based on how they think the customer journey should go versus how the customer feels like their journey should go.
“You can build the most efficient process, but if no-one’s satisfied with it, they’re not going to come back. Make it compatible for the consumer – there’s a lot of tweaking that can be done.”