Are lenders missing out by not developing relationships with their customers?
The mortgage market has been slow to adopt some of the practices that other ‘customer-centric’ organisations routinely use to develop customer relationships and improve both retention and engagement levels.
In a changing and increasingly competitive market, lenders and intermediaries alike stand to gain by adopting approaches that will improve loyalty, increase retention and, in turn, deliver competitive advantage .
There are two big opportunities for lenders and brokers:
Improve application and on-boarding experience and processes – these are critical in determining customers perceptions of both brokers and lenders and their likelihood of subsequently returning or remaining;
Develop communication strategies that will improve and enhance customer perception and ultimately retention.
The broker and lender experience the customer has arranging their mortgage is a critical determinant of whether or not they will return to that broker or lender for a subsequent mortgage .
These processes are seen by customers as ‘clunky’ and un-customer friendly. The opportunity then is to improve the customer journey to receive payback in terms of improved retention levels. Read more