Customers now want, and expect, to interact how, when, and where they want to, and we all need to evolve and adapt to fulfil our customer expectations. Not only do we need to ensure our existing customers are looked after, but we need to ensure that our businesses continue to evolve and grow.
The adoption of technology as part of daily life has accelerated over the past 18 months, for obvious reasons.
As our customers become more comfortable with the benefits delivered through technological efficiencies, they expect that this will be the norm as part of any transactional exchange, including our mortgage and protection experience.
The value of advice
We have always known that the value of advice from a broker is important for a good customer outcome and this understanding accelerated throughout 2020.
Customers need your time and advice more than ever before. The rise in the number of customers choosing to use an intermediary instead of going direct to lenders increased from 75 per cent in 2018 to 81 per cent end of 2020.
We can expect this trend to continue, especially if we all think about the movement in customer expectations, so how are brokers going to find the extra time to support the upward trend – efficiency with accuracy? We are all busy and there are only 24 hours in a day.
Advisers offer an experience with human interaction, knowledge, relationships, trust, and reputation; without a doubt, they are an integral part of the mortgage process.
Within many businesses exist star advisers in the making who may currently be wearing a different hat – possibly as an administrator or processer. Why would we not want to develop and cross-train our best people?
Technology presents an opportunity to give you the time back to both develop your people and grow your business with solutions that already exist in the market.
From digital, bespoke websites right through to online client portals with 24/7 access to updates, and direct-to-lender application submission which removes duplication and constant rekeying whilst delivering instant decisions – did we really all fill in and fax paper applications once upon a time?
The team at Mortgage Brain has been building market-leading solutions for over 30 years to enable advisers to satisfy modern customer needs.
Furthermore, all technology providers have a responsibility to collaborate to ensure that they support the wonderful mortgage industry with the best tools to complete the job effectively, efficiently, and compliantly.
Face-to-face training and events are now returning, which will bring mixed emotions for all. However, we know why our businesses exist and why we do what we do as advisers so, let’s carry on respectfully and with a renewed passion for our businesses and our customers.
After all, it’s worth remembering that one happy customer could potentially refer business to five, six, seven potential new customers.