A lot of lenders are experiencing major raise in their flat costs as they face lower origination volumes on one hand and stepped up compliance and regulatory needs on the other. Many companies are adding up compliance experts or full compliance team to process and deliver a loan which complies with the eligible mortgage regulation. Again, they spend on new system and technologies to ensure origination team is well-resourced to generate new business.
There are those which are adding up to their workforce with short-term employees or working with process outsourcing firm that can offer supply teams, compliance proficiency, and technology as lenders try to handle these difficulties efficiently. When starting a process to work with an expert service provider, companies are time and again prone to put up a strict agreement. These contracts usually have stuff like:
- Response Times
- Error Rates
- Compliance Tests
- Reporting Metrics
We think that bringing value to client engross much more than just delivering the terms of the agreement. We think companies should consider few important things while signing an agreement with the service provider.
An understanding of the business needs
It is vital for services providers to completely take hold of the sections that call for enhancement and the measurement criteria that the customer would like to have. The team should invest ample amount of time to understand client’s core business components that they want to track and enhance. Service provider team should also find components which impact the agreed business metrics. It is an addition to agreement terms. A clear process should be in place to track, measure and improve these components.
Influencing technology to offer alcove solutions
The service provider should get suitable technology and spend in automation to resolve vital issues found in the on the whole process and procedure. They should build product or solution which resolves business issues quickly and precisely. It helps to enhance process effectiveness and addresses pain area alcove solutions.
Ally with the organizational culture
The service provider should have the capability to understand and align with client’s organizational culture. It provides unequivocal comprehending of customer’s expectations which lead clear reporting and communication about the project. Subsequently, it helps to deliver agreed service level. Service provider leadership team should be accessible to the client with all communication channels to discuss any issue that may pop-up during the contract period. Or else client may feel they are only functioning with the junior level workforce with no contact to the leadership team. Regular communication with the executive team helps to make sure those areas which may not have addressed clearly in the agreement gets resolved rapidly.
Ensuring responsible team takes ownership for client success
All team members should explicitly comprehend the components that ensure the customer’s accomplishment. Every member of service provider team should be ardent about putting effort for the customer’s achievements. It means going an extra mile to help the client to achieve their business goals not just full filling agreement terms. It needs a unique approach. But it helps to improve the overall worth of the service provider and client relationship. Service providers should have a work culture where excellent works of team members are celebrated to persuade better service.
A service provider who goes on route sketched in the steps above, the organisation may just discover that their hopes are time and again exceeded. Doing the additional homework can signify all the distinction between discovering a service provider that will bring outstanding value and one that simply does the bare minimum to deliver the terms written in the agreement.