Over 90% of specialist lenders admit customers expect a higher level of service than ever before, new research shows.
At a recent Future of Mortgage Servicing conference, hosted by Phoebus Software, Target Group and the Financial Services Forum, leaders from the mortgage industry were asked “Do customers expect a higher level of service from their specialist lender than before?"
The poll results, based on the responses of 100 C-suite mortgage professionals at the event, found that 70% said that customers expected significantly more from them and 23% say they wanted slightly more. No lender present said that their client expected less from them than they used to.
Phoebus Software, which undertook the research, says specialist lenders understand that they now need to raise their game on service, with technology being a key enabler.
The servicing software provider says customers now expect to interact with their mortgage providers in the same seamless way they do with Netflix or Spotify.
Adam Oldfield, CEO at Phoebus, said: “Specialist lenders play a vital role, providing bespoke products to meet specific customer needs, but there’s perhaps less focus on maintaining the customer relationship post-completion. Where High Street lenders can cross-sell different products and build brand loyalty, specialist lenders need to work a bit harder to foster a meaningful relationship. The reality is that retention strategy starts as soon as you have that first interaction with the customer, and every minute it goes beyond that.
“Customers’ expectations of service are changing, fuelled by their experiences with service providers in other industries. Customers now expect to interact with their mortgage providers in the same seamless way they do with Netflix or Spotify.
“We believe technology and AI have an important role to play in understanding and meeting customers’ needs. We don’t see them replacing the human touch, which is so important in the specialist market, but rather as an enabler of great customer service.”
Pete O’Connor, CEO at Target Group, said getting the dynamic right between customer, broker and lender was key to building effective relationships: “We know there can sometimes be a friction between broker and lender about who owns the customer relationship, but real success comes from both working together to deliver the best outcome.
“For me it's less about ownership and more about partnership. You have to earn the right to do business with the customer. By working together and delivering great service, then you can build an ongoing relationship that will reap rewards years down the line.”
