Change is a necessary part of business, but it can be messy if not executed well. To achieve success, leaders need to help teams align on organizational goals, overcome any impediments or resistance, and achieve measurable results. Enter: change management.
Implementing a change management approach can facilitate the deployment of technology like digital lending platforms, minimizing the time needed to reap the rewards that accompany it: improved operating efficiency, reduced time-to-close, boosted member engagement, and improved employee productivity.
Why Change Is Necessary
As today’s homebuyers embark on the mortgage process, their expectations are higher than those of any previous generation. Modern consumers are used to digital tools helping them navigate everything from transportation to health care to entertainment, and they expect a similar experience from lenders. In fact, two-thirds of all borrowers want a fully digital mortgage process, according to Fannie Mae.
A core part of a winning strategy in today’s competitive marketplace is the superior and frictionless experience that digitally enabled lenders can provide. Blend delivers a member-centric omnichannel experience that meets members where they are whether they’re applying for a mortgage with their smartphone, from their desktop computer, or during an in-person visit with their lender.
A Holistic Approach
Focusing your efforts on the right operational levers will help drive adoption on your teams to its highest potential, maximizing your ROI and reducing risk during a technology deployment. In a recent blog titled How Change Management Leads to Transformation, Kelli Scott discusses an impactful approach to problem solving, looking broadly at an entire organization and understanding its technologies, goals, people, and processes. The core objective is to help eliminate unnecessary steps and reduce processing workflow times so you the credit union can interact with members more intimately and build better relationships.
Reinventing your organization to align with new business models can be both invigorating and terrifying because change is emotional. Changing behavior can be particularly hard when teams don’t quite see how the new ways of working will benefit your member experiences.
Want to see our seven actionable recommendations on effective change management? Get the guide.