How might Barclays improve its mortgage application process to reduce approval times and enhance customer satisfaction?

Introduction

To improve Barclays' mortgage application process, reduce approval times, and enhance customer satisfaction, we need to take a comprehensive look at the current system, identify pain points, and develop innovative solutions. I'll analyze the user journey, propose targeted improvements, and outline a strategy for implementation and measurement.

Step 1

Clarifying Questions (5 mins)

• Looking at the mortgage industry, I'm thinking Barclays might be facing increased competition from fintech startups. Could you share insights on how Barclays' mortgage market share has trended over the past 2-3 years?

Why it matters: Determines if we need to focus on defensive strategies or aggressive growth Expected answer: Slight decline in market share due to new entrants Impact on approach: Would prioritize digital transformation and process automation to compete with agile fintechs

• Considering the current economic climate, I'm curious about the average mortgage application processing time at Barclays compared to the industry standard. Can you provide this information?

Why it matters: Helps identify if the problem is Barclays-specific or industry-wide Expected answer: Barclays takes 3-4 weeks, while some competitors are closer to 2 weeks Impact on approach: Would focus on streamlining internal processes and leveraging technology for faster approvals

• Given the push towards digital transformation in banking, I'm wondering about the current split between online and in-person mortgage applications at Barclays. What percentage of applications are submitted through each channel?

Why it matters: Influences whether to prioritize digital or in-person experience improvements Expected answer: 60% online, 40% in-person Impact on approach: Would focus on enhancing the online application process while ensuring seamless integration with in-person services

• Considering customer satisfaction is a key goal, I'm interested in understanding the primary reasons for customer dissatisfaction in the current mortgage application process. What are the top 3 complaints received from applicants?

Why it matters: Directly informs which pain points to address first Expected answer: Long wait times, lack of transparency in the process, and complex documentation requirements Impact on approach: Would prioritize solutions that address these specific pain points