Why Should Mortgage Lenders Focus on Customer Service?
Promoting customer loyalty is crucial in today’s marketplace, where only 17% of borrowers say they plan to use the same mortgage lender in the future. Part of the problem is transferrals. Many people don’t choose a mortgage servicer but end up with them when their loan is purchased in the secondary market. This leads to difficulties, confusion, and unhappiness more than half the time since a borrower enters the transaction with an expectation to work with the lender they selected.
Fortunately, these issues can be eased by providing personalized customer service. Direct communication and the simplification of escrow, payments, and other processes allow for streamlined connections with more time to focus on the person-to-person aspect of community banking.
How Can Your Bank Go About Streamlining?
A tangible first step is to take advantage of modern technologies to make interactions and transactions more seamless for the consumer. From social media messaging capability to 24/7 website chat functions, always being available shows customers that they’re being heard.
Even if your institution doesn’t have the resources to develop your own app or mortgage service algorithms, it’s easy to boost your online banking presence and provide borrowers with a way to connect with you conveniently. Fewer phone calls regarding details mean more time to reach out to the community’s pool of new borrowers. It’s also wise to implement application programming interfaces, commonly known as APIs, to automate workflows to free up staff members’ time for personal interactions.
Perhaps most of all, focus on empathy and the human connection. Displaying warmth in marketing initiatives and building trust within the neighborhood will give your customers a significant sense of value. Existing borrowers will be more likely to turn to you for their next loan, and new ones will be drawn to your bank’s personality.
If your financial institution is looking for a valuable partner, turn to The Bankers’ Bank of Kentucky. Serving banks in Kentucky, Illinois, Indiana, Ohio, West Virginia, and Tennessee since 1988, this team offers a vast reserve of experience and knowledge in all areas of bank operations, compliance, credit solutions, mortgage services, and lending. Call (502) 695-3000 to discuss your bank’s needs or visit them online to learn more about the company.