Let’s get personal in 2022
Customer expectations have moved on from simply wanting a good deal and good service. Today’s consumers have higher expectations that include personalised communications from your business with 66% of consumers expecting you to understand their needs and preferences (Salesforce, 2020).
They want connected journeys, with consistent interactions across service, sales, and marketing. They want to be able to use multiple channels from the start to the end of their journey using innovative technology. And they want to be sure their data is kept safe. But most of all personalisation will be a key focus for 2022.
Get to know your customer
Personalisation is about more than sending emails to customers and addressing them personally. It’s about understanding your customer and knowing how and when they prefer to be contacted. And these days there are plenty of ways your business can approach a customer, so it’s important to get it right.
- Chat channels – Live web chat, chatbots, messenger apps, social media
- Written channels – email, post, web forms
- Voice channels – Web calling (positioning click-to-call buttons on your website), call-backs
- Visual channels – video chat, or the good old face-to-face meeting
All these channels have their own different benefits, but they all do two things – reduce call volumes and waiting times, giving consumers a much more satisfactory experience (This is Money, 2021).
Heightened by the pandemic, customers expect to be able to start their mortgage journey online with instant help and guidance available, either through direct contact with their adviser, a chat bot, or live chat. Advisers willing to adapt and digitalise their operations will engage more with customers and help them self-serve for a better experience.
These trends were brought front and centre throughout covid with businesses operating within the mortgage market rapidly adapting to accommodate online meetings and communication but show no signs of disappearing.
And, with 4,299 bank branches closing since 2015, alongside consumers being advised not to use cash during the pandemic, we are now seeing an increase in customer adoption of online technology with 86% using it as part of their daily financial routine. As a result, three in four consumers are now more confident using technology in this way (This is Money, 2021).
The average consumer owns 3.5 connected devices (Deloitte, 2020). And when they contact your business, they expect the convenience of using the method they are most comfortable with, being unable to do so can result in them visiting your competitor instead.
Understanding how and when customers want to be communicated with and embracing the technology to do it will help you to deliver the right message, to the right person, at the right time.
Adopting technology in 2022
To set yourself apart from your competitors in 2022, focus on enhancing the customer experience and think about how you personalise that experience to build deeper relationships. 52% of customers now expect offers to be personalised (Salesforce, 2020). And it’s worth the effort. You could reduce acquisition costs by up to 50% and raise revenue by 5-15% (Data Axle, 2021).
Easier said than done? No, by harnessing the power of data in conjunction with a good CRM system, you can get a better understanding of every one of your customers. Your CRM system should offer you a holistic and insightful overview of your existing customers with accurate data and flexibility that offers a smoother end-to-end sales process.
Unfortunately, that’s not the case for many. A survey of 150 banks and credit unions in the US in 2020 revealed that while 84% of respondents said proactive engagement and personalised guidance were key goals, 59% said their CRM system failed to give them a complete single view of each customer (The Financial Brand, 2021).
By ensuring your CRM system delivers timely and complete information on customers you can maximise your opportunities, work faster and more efficiently. And offering an online customer portal too meets their need for being able to contact you however and whenever they like, for a better, more personalised mortgage experience.
The way you submit Decisions in Principle (DIPs) and/or Full Mortgage Applications (FMAs) can also give your business an advantage over your competitors by freeing up more of your time for giving advice to customers.
Technology like Submissions Brain lets you access multiple lenders from one place, with a single login. That saves you time visiting individual websites, enables you to easily transfer information should you need to change lenders, and if your using Submissions Brain through integrations with Sourcing Brain or The Key, information can be pre-populated, reducing the potential for errors.
This is an online solution that you can use anywhere, and for UK advisers, it’s free to use. Coventry Building Society, Nationwide, Platform, Virgin Money, Accord, TSB, Hinckley & Rugby, and Leeds Building Society are already live on the platform with more coming soon, including Halifax.
Why not use the accurate data contained in a good CRM system to contact customers at the appropriate time and through their preferred channel with personalised offers for better deals or remortgaging. Then transfer that information into your sourcing platform and beyond to a full application submission? You may find it keeps them coming back time after time.
Learn more about Mortgage Brain’s technology…