Sixty percent of mortgage borrowers recently surveyed by the American Bankers Association (ABA) prefer to apply for a mortgage in person, despite the existence of technology that eliminates the need for human interaction. Just 17 percent prefer to apply for a mortgage online. Only 34 percent consider their knowledge of the mortgage process “above average” or “excellent.”
“Banks invest billions of dollars to offer their customers the latest technology,” says Bob Davis, executive vice president of mortgage markets, financial management and public policy at the ABA. “But, at the end of the day, nothing compares to sitting across the table face-to-face with a banker when you’re making the single most important investment of your life.”
Technology is warranted, however, when making mortgage payments, according to the findings of the survey. Sixty-one percent of consumers surveyed consider online services “very” or “somewhat” important.
“It’s no surprise that consumers want both technology and the in-person customer service they’ve become accustomed to,” says Davis.
The results of the survey affirm recent research that shows that while mortgage borrowers appreciate the options technology offers, they do not believe it is a substitute for the expertise of a real-life professional.