You don’t need to be part of the Twittersphere to be aware of the controversy Twitter Towers has seen since Elon Musk took the helm.
Thankfully, we don’t have any tech titans in the mortgage industry who would cause this level of delirious disruption, but that doesn’t make us immune from some of the same risks.
Building your vision in isolation will hack off users
Mortgages have long been recognised as a people business. Our relationships with customers and our industry partners can make or break an application so, if you’re going to make big changes, especially to your technology or process, take me with you.
Hardcore ultimatums
Building your vision or perfect system solution in isolation — even if you believe it’s as beautiful as a little red Corvette — then issuing hardcore ultimatums about how I need to adapt to use it are a surefire way to hack off users.
Let’s work together and make sure we use this time to strengthen our collective position
When your customers or peers give you feedback, or indeed vote with their feet, don’t respond with accusations of when doves cry. Calling Trent Reznor a cry-baby was probably meant as a joke but it’s not detracting from the truth that high-profile celebs and mere mortal tweeters are leaving in their droves.
The role of technology is to create an experience that customers and users adore, but it also needs to reflect your brand and values, so get to know exactly what your customers see and feel at every click when they’re in your space.
I’ve long extolled the alignment of strategy, culture and people when approaching any technology change — nothing compares to you achieving that perfect balance of human and digital capability. Sacking half your workforce then emailing demands for undying loyalty before you’ve made the vision clear is not a good way to retain the cream of your talent.
Some of our biggest breakthrough moments have come on the back of big tech
And announcing a raft of product and proposition changes before you’ve even set up the girls and boys to deliver the basics has to be one of the best ways to pique the regulators’ interest and break out investors in a black sweat.
Keep the lights on
It’s easy to get carried away and take a let’s go crazy approach to the potential of new systems and tools and how they’re going to change your world, but don’t lose sight of the work that keeps the lights on.
One of the funniest moments in the Twitter meltdown was the story that a sacked employee with the only set of keys had refused to come in and open the office, even after a gotta stop messin’ about call from Musk himself.
Even if the story turns out not to be true, it’s a good lesson in managing essential person risk and making sure you have more than one set of keys or a good backup plan for the things that matter.
The role of technology is to create an experience that customers and users adore, but it also needs to reflect your brand and values
The other significantly amusing moment came from the sign of the times changing tweet that the blue ticks, usually reserved for verified companies, celebrities and other noteworthy individuals would be moving to a more sustainable commercial model. Cue a flurry of impersonator accounts claiming to be the most beautiful girl in the world and happy to pay for that little blue tick to prove it.
Of course, the brands who use Twitter to promote their products were asking ‘When will we be paid?’ and threatening to withhold their substantial revenue streams until the move was postponed. A little market research, a good SWOT analysis and a robust beta test would have gone a long way to preventing that particular fiasco.
Breakthrough moments
Some of our biggest breakthrough moments have come on the back of big tech and learning from what they do well, but it’s just as important to recognise where the pitfalls and potential for a 1999-style meltdown could come from.
Mortgages have long been recognised as a people business
As our industry faces into a tough economic headwind and a challenging housing market, let’s work together and make sure we use this time to strengthen our collective position and deliver a unified approach to improving the experience for our users and customers.
The bluebird-eyed among you may have noticed a Prince reference or two in this piece, so feel free to tweet me how many you spotted — if Twitter still exists.
Just don’t forget the kiss.
Maria Harris is director of Digital Cat Consultancy
This article featured in the December 2022/January 2023 edition of MS.
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