25 Jul Is it really all about customer service?
Financial organizations are investing in technology to make mortgage loans easier and faster and to capitalize on small business growth. Do banking institutions need more than technological advances to compete with non-bank mortgage lenders? How can you overcome the growing trend by customers seeking mortgage loans from non-banking institutions?
After the subprime mortgage crisis of 2007-2009, the market opened up to non-bank mortgage lenders. These non-bank lenders often offer competitive rates and quick approvals. As a lender, you must be fully aware that your clients have non-banking choices for home loans, depending on the customer’s credit history, employment history and other determining factors. How can you compete?
One thing your customer can get only from you is a personal touch. You know her name, you shake her hand, you ask about her family. You are there to personally answer any questions and share your professional expertise. Don’t be afraid of a little personal service with a smile—it will be what sets you apart from the competition.
Yes, it is all about customer service. This J.D. Power & Associates customer satisfaction study is a couple years old but still applies. It indicates that 63 percent of borrowers would switch mortgage service providers to find improved customer service. It also indicates at 66 percent of customers who are satisfied with their current mortgage provider will definitely choose the same provider to refinance a mortgage. There is no skimping on customer service when it comes to customer retention. If you are not satisfying your customers, they likely will choose another lender.
Speaking of customer satisfaction, Barsh & Cohen wants you to be satisfied with our professional legal services for all of your mortgage-related transactions. Our team has decades of combined legal experience. Contact us for a consultation. http://www.barsh-cohen.com/