MOXI (Mortgage Origination Experience Index)

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.

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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.

What values does an organization get from the MOXI dashboard?

The MOXI Benchmark Advanced Analytics section, powered by Tableau, is a separate dashboard accessed from the Account dashboard by applicable Admins, Organization Managers, and Account Managers.

Using Tableau's data visualization tool, respondents’ personal and DEI data (location, gender, ethnicity) is captured, mapped, and analyzed to compare Net Promotor and CSAT data for the current company versus the top 5 companies and the industry averages. 

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Sheet 1 - Benchmark Dashboard

• The first page of the MOXI benchmark dashboard displays the organization’s Completion score, NPS, and CSAT Score with options to be filtered by date range. 

• Below these data, there are 2 visualizations displayed to give a detailed view of the NPS overview (bar graph) and NPS timeline (line graph). 

• These graphs compare the NPS score and trend with Experience.com ’s top 5 performers from the Mortgage industry. 

Sheet 2 - Benchmark Dashboard

• The second page of the MOXI benchmark dashboard displays 2 visualizations to give a detailed view of the NPS score by Gender (bar graph) and NPS by ethnicity/Race (bar graph). 

• In these graphs, the NPS score given by customers is segregated by gender and ethnicity compared with the top 5 performers of http://experience.com from the Mortgage industry. 

Sheet 3 - Benchmark Dashboard

• The third page of the MOXI benchmark dashboard displays a visualization to give a detailed view of the CSAT score (Gateway responses - Unpleasant, OK, Great) compared with the top 5 performers. 

Sheet 4 - Benchmark Dashboard

• The fourth page of the MOXI benchmark dashboard displays 2 visualizations to give a detailed view of the response to the two CX benchmark survey questions that capture the primary and the secondary reasons for a customer choosing a mortgage company. This data is also compared with the top 5 performers.

Sheet 5 - Benchmark Dashboard

• The fifth page of the MOXI benchmark dashboard displays 2 visualizations. 

• The first bar graph is mortgage response (own organization) which gives the organization’s rating on different service stages of the mortgage brokerage process. 

• The second bar graph is mortgage response (All) gives the average rating of all top 5 performing organizations on different service stages of the mortgage brokerage process. 

Once the advanced analytics is configured for an Account or Organization by the Admin, the Account and organization managers can view it by clicking on the MOXI by scrolling down from their Account dashboard.