5 Signs It’s Time to Break Up with Your Point of Sale
We all know that feeling: The initial spark has dulled, the honeymoon phase has expired, and small flaws you once overlooked are beginning to grate on your nerves. You’re noticing shortcomings that impact your day-to-day satisfaction. The writing’s on the wall, and you’re beginning to wonder: Will I ever find the point-of-sale solution of my dreams?
If you’re becoming disenchanted with your point of sale’s ability to meet your needs in today’s challenging market, you’re not alone. Many lenders find that their technology providers don’t deliver the cost savings, efficiency, and borrower experience they seek. They expect dedicated customer service and a partnership approach, only to be met with poor communication and lacking support.
As the market begins to recover and lenders rely on their technology to capture more loan volume, it’s the perfect opportunity to ask: Is it time to break up with my point-of-sale provider? If one or more of these signs resonates, you might be overdue to cut ties.
1. It’s all take and no give.
Many point-of-sale solutions promise shiny benefits and impressive results. They claim they’ll cut your per-loan costs and deliver game-changing efficiency. But do the metrics back up those promises? The truth is that point-of-sale providers increasingly charge lenders more as technology in the industry advances—and yet the enhancements these companies tout often fail to deliver measurable improvements to the bottom line.
At Maxwell, we build our solutions and features with input from our in-house team of mortgage professionals, along with feedback from the more than 250 lenders on our platform. By keeping a pulse on problems lending teams face in their daily routines, we ensure the technology we design solves real barriers to efficiency.
In our opinion, the strongest selling point of a POS isn’t in the fancy features—it’s in the results it produces. Maxwell Point of Sale saves lenders 21 bps per loan and can cut as much as 40% in costs per loan for lenders who switch from alternative providers.
2. Your borrowers are less-than-wowed.
Today, a seamless, top-notch borrower experience is non-negotiable for lender success. If your point-of-sale solution isn’t consistently delighting your borrowers with easy mobile functionality, an intuitive loan application, and informative reminders and updates, then it’s time for serious reevaluation.
Modern borrowers overwhelmingly choose digital lending functionality when available; studies from Ellie Mae show that nearly 80% use their mobile phone for loan applications. That’s why we’ve built our entire borrower experience around thoughtful, streamlined features that speed up the process and remove tedious tasks when possible.
For instance, our QuickApply™ feature allows borrowers to auto-populate fields in their loan application by simply inputting their last name and social security number. The result is an over 90% loan app completion rate. Meanwhile, our Spanish language loan app automatically detects the borrower’s language settings on their desktop or mobile device, rendering the loan application experience in the correct language. Both of these functionalities create a personalized lending experienced geared to individual borrower needs—the kind of experience that impresses today’s consumers and creates repeat and referral business.
3. Your loan officers aren’t fully empowered.
Being able to attract and retain top LO talent is a major competitive advantage no matter the market cycle. Getting the most out of each worker is even more important when loan volume is scarce and revenue is far from guaranteed.
Does your point-of-sale solution enable peak productivity, communication, and high-ROI work for your LO team? If your LOs are still spending time on rote tasks like chasing down borrower documents and sending reminders, your POS is failing you.
Maxwell Point of Sale empowers your team with intuitive features that remove the tedium from LOs’ day-to-day routines. SmartTasks™, for example, gauges borrower responses and automatically sets up requests for documents or additional information. FlexLetters™, meanwhile, supports LO relationships with Realtor partners by giving them the ability to edit pre-approval and pre-qualification letters on the fly. Throughout the lending process, communication and collaboration tools keep workflows organized and up-to-date, even for LOs on the go via the Maxwell Point of Sale mobile app.
4. You feel insecure.
Your point of sale should never leave you questioning the safety of information that flows through your platform or your compliance with customer data requirements.
Maxwell is proudly SOC 2 Type II certified, reinforced by regular third party audits and testing. All data is encrypted in transit and at rest with AES-256, block-level storage encryption—the same technology that banks use to keep personal information safe.
5. You lack a supportive partner.
Above all else, your point-of-sale provider should act as a trusted partner, going beyond communications about billing and tech issues to dig into your biggest challenges and help you achieve your goals for revenue, growth, and borrower satisfaction. Anything less is a red flag you should heed.
Maxwell’s team of industry veterans and technologists is dedicated to lender success, providing value and expertise whether the market is rallying or loan volume tanks. The hallmark of a good partner is support through good times and bad. With a dedicated customer success manager, you’ll be able to lean on Maxwell to help you weather inevitable market challenges and find a path to sustainable growth.