Online Lenders

‘Great customer experience begins with our employees’: Glacier Bancorp goes digital with its mortgages

  • Glacier operates under multiple brands in 7 states.
  • In just under two months, web applications are way up.
‘Great customer experience begins with our employees’: Glacier Bancorp goes digital with its mortgages

When Glacier Bancorp started looking around at the digital mortgage market, it was clear that going digital was more than just a nice option to offer its clients.

In fact, the regional bank holding company with about $12 billion in assets saw that online mortgage companies were gaining marketshare in the communities the bank serves in states like Montana, Idaho and Colorado.

“If we want to stay in this business ,we have to be ready and able to deliver financial services to our customers in a manner they want to interact with us and that includes electronic delivery,” said Paul Peterson, svp, corporate real estate manager at Glacier Bancorp.

Financial institutions the size of Glacier have to be resourceful when it comes to developing new digital products. That’s because they don’t typically have the talent or the deep pockets to manage new digital product development. Glacier chose Roostify, a digital mortgage platform, to launch its new digital mortgage solution. It was important for the firm that the digital application be ADA-compliant, so that the platform is accessible to customers of all abilities.

The digital mortgage solution also needed to be friendly to Glacier’s own employees.

“We were looking for a solution that not only created a great customer experience but also enhanced the mortgage loan officer experience,” Peterson said. “Roostify does both and therefore we get the enhanced experience for both the customer and employee. Great customer experience starts with our employees so having a great experience for our MLOs gives us an advantage.”

Glacier operates with 14 brands in 7 states. Each of these DBAs has specific branding needs that needed to be maintained in the markets in which they operate. Roostify’s Adapt product allows Glacier to utilize unique branding and application features for each of its brands.

Glacier began with a tiered rollout of its new digital mortgage to four divisions in December 2018. It plans to complete the introduction by the end of January.

Application volumes speak for themselves. In December, Glacier took 63 applications through Roostify, which matched its highest total via the web for any month in 2018.  So far in January, it has received 97 applications, representing about 22 percent of the firm’s total applications.

“I believe that the growth in online applications for us is a result of delivering an easy and intuitive application and application process that customers appreciate and is tapping into a segment we previously were not capturing,” said Peterson.

Roostify is part of a growing cadre of technology firms focused on digitizing the home financing market. The company has been adopted by Chase and TD Bank to power their digital mortgage offerings.

 

Image credit

Online Lenders

‘Like Visa for B2B’: Fundbox raises $176 million and hits $1.5 billion in SMB originations

  • Fundbox hits a major lending milestone to SMBs.
  • The company feels it has a big runway for growth.
Zoe Murphy | September 24, 2019
Online Lenders, Podcasts

LendingPoint’s Tom Burnside: ‘There’s room to grow — we’re early in our journey’

  • LendingPoint has grown its consumer lending business over 9200 percent in three years.
  • CEO Tom Burnside joins us to talk about growth and products.
Michael Deleon | September 23, 2019
Online Lenders

Al Goldstein on Avant’s move into powering digital lending for banks with Amount

  • Avant started six and a half years ago in consumer lending and has transacted over 1 million times.
  • The company is spinning off Amount, its B2B digital lending platform.
Zack Miller | September 13, 2019
Online Lenders

Alternative data gets a thumbs up: Update on the CFPB’s first no-action letter

  • The CFPB published more information about the use of alt data in credit decisioning.
  • The results are positive for lender Upstart and for the industry in general.
Michael Deleon | September 06, 2019
Online Lenders

A deeper look into the payroll advance industry

  • Along with 10 other states, New York is looking into the payroll advance industry.
  • Branded as a kinder, gentler version of payday lending, it's possible that the industry's tipping model is more than it seems.
Paige Stern | August 13, 2019
More Articles