MOXI

Being dynamic and evolving along with consumer preferences and demands is essential for keeping your business viable. By benchmarking your performance against companies considered to be the best in the industry, you can identify your strengths and weaknesses. Benchmarking also helps you identify the gaps to deliver a meaningful and impactful customer experience.

What is MOXI?

MOXI, Mortgage Origination Experience Index is a benchmarking product that is a part of our Experience Management Platform (XMP). It enables you to get data insights about your performance on the dashboards, reporting, APIs, CSAT(customer satisfaction) score and Business Intelligence integrations. In addition, the benchmark and reporting dashboards allow you to access and parse benchmark data by demographic data.

How to benchmark your business performance?

After subscribing to the Benchmarking product (through configure products), you will have access to a “Benchmark Survey” campaign (template) included under the campaign module. You can also subscribe to the weekly digest report which is directly sent from Tableau. 

When the benchmarking survey is sent, the real-time survey data is available on the benchmark Advanced Analytics section under the account dashboard (part of Phase II). For all the organizations that have MOXI subscriptions, the survey questions are standard and cannot be changed. The survey data is displayed on the dashboard without disclosing the names of the companies to ensure confidentiality and authenticity.

Compare your performance with your competitors at every stage of the customer’s loan journey across hundreds of like companies, using millions of responses.

Why is benchmarking important?

1. Get clear insights into your business strengths and weaknesses

Understanding your company's strengths can have a significant positive impact on overall success, but lacking the necessary understanding of your weaknesses can be a barrier.

2. Set clear goals for your business 

Knowing the factors that make the competition successful can also help you develop creative strategies, and effectively track your progress toward each goal.

3. Prioritize areas that need improvement

While companies are aware of how important it is to continuously improve, they may occasionally be unsure of where to begin. By comparing their standards to those of the industry, companies can determine how to bridge the gaps. This assists them to focus on the areas that require attention.

How frequently should you benchmark?

The benchmarking process must be used to conduct a regular and systematic evaluation. Track the progress to the specified goals in your action plan. It's crucial to track your metrics consistently, whether it's weekly, monthly, quarterly, or yearly. If you are hitting your benchmarks, keep going. If not, you might need to review your strategy and take corrective action.