"Our research shows an increasing confidence in the sector aided by cutting-edge technology"
63% of respondents said they intend to implement retention tools in the next 6-12 months, allowing customers to make a product switch with their current lender without the involvement of back-office staff.
The survey also showed that 91% of businesses who use retention technology found this effective at managing retention. However, among those surveyed, only 31% are currently using retention tools within their business.
Product maturity is a critical time for lenders; 63% said over 40% of their existing customers switch products when their deal ends. However, some respondents without retention tools identified the switching process as a key challenge in retaining customers.
1,195,200 homeowners switched products with their existing provider during 2019, representing £167.4 billion of mortgage borrowing, according to data from UK Finance.
Nick Lawler, sales director at DPR, said: “Our research shows an increasing confidence in the sector aided by cutting-edge technology and a universal understanding of the fundamental role technology plays in business operations today and in the years to come.
“DPR will continue to develop solutions that meet the needs of lenders and consumers alike and our research has revealed exactly what those needs are.”
