"To build this human touch, advisers should aim to service their clients well beyond the new business stage, and they should be consulting their back books to identify potential future sales from existing opportunities."
This also, understandably, applies to mortgages and purchasing a property which for the majority will be the biggest, most expensive commitment in their lifetime. It’s no longer the case that consumers are just looking for the best deal; they also want to know that they are getting a great level of service.
For advisers in particular, the competition can be fierce. More and more customers are looking and expecting a bespoke service that addresses their specific needs. We are living in times where one size does not fit all and each individual has different requirements that need to be addressed. Therefore, advisers need to adjust their services accordingly.
Intermediaries today will find themselves judged day-to-day on the quality of the service they provide, which will include the amount of direct contact they have with their customers, how they update and report to the client, and how they make each client feel valued by adding that personal touch.
Customers will often come via referral, so it will pay dividends to ensure that a client is left feeling particularly well served at the end of the process, as this will in turn lead to them recommending advisers to friends and family members. Building strong relationships is therefore the lifeblood of intermediary business. However, the highest levels of service shouldn’t end with new business, existing customers are just as valuable.
An increasing number of lenders and other industry stakeholders are turning to the latest financial technology to deliver fast, robust advice electronically. These systems are here to stay but they will never match the human element that a meeting with an adviser offers, and providing a high level of service that serves to develop strong client relationships will remain essential.
To build this human touch, advisers should aim to service their clients well beyond the new business stage, and they should be consulting their back books to identify potential future sales from existing opportunities. That means keeping in regular contact with current customers by raising financial planning conversations at the right times, for example with clients who are approaching the end of their mortgage terms or nearing retirement.
However, it’s not just advisers who need to ensure that their service standards are up to scratch; lenders too have a duty to make sure they are serving their existing customers to the highest levels. A lender can have a great range of products and even offer the most competitive rates in the market, however, if their service is poor, this can lead to borrowers switching provider when they remortgage, or spreading their negative experiences through word of mouth to other potential customers.
Furthermore, the rise of social media has amplified this effect. Companies are constantly in the spotlight, and a single complaint can potentially be seen by an audience of thousands, instantaneously.
It’s important then, that lenders are always on the lookout for any dissatisfaction amongst their clientele. Running regular surveys, for instance, which encourage feedback, good and bad, is a great way to assess whether customers are happy with their arrangements, as otherwise in many cases the first you may hear of a customer’s dissatisfaction is when they drop your services altogether.
Treating complaints as highly valuable feedback, rather than as negative comment, is an important cultural shift for any customer service focused organisation.
At Northview, we take customer service incredibly seriously and we always put our borrowers right at the heart of all we do, from product innovation, to updating application processes, to our call centres assisting those customers who might have problems paying their mortgage. Acenden, our dedicated servicing division, is the only mortgage servicer accredited by the Institute of Customer Service and we are proud to have been recognised in this area as a shortlisted company in The European Call Centre Awards.
Whether a lender or an adviser, achieving good customer service should be at the centre of your objectives. If we want to secure our businesses and successfully adapt to the challenges of the future, it is essential that we look to serve and develop our existing customer relationships alongside opening up our services to the opportunities of new business.
