Consumer complaints about financial institutions are never all that surprising. When it comes to money—purchasing, saving and borrowing—many people are sensitive, protective, and cautious, especially in tough economic times. Consumer confidence has waned in the past decade, and the reputations of banks (mortgage lenders, in particular) has suffered. Yet with the right priorities and tools, financial services companies can effectively improve customer experience to drive their business.
Powerful trends in the lending world
Gaining actionable insights using advanced analytics
With a wealth of publically available customer feedback—such as the CFPB complaint database and social media—mortgage lenders can leverage text analytics to identify pain points and opportunities to strengthen customer relationships. Using analytics to find and respond to negative feedback throughout the borrowing process can help lenders solve customer experience issues, and prevent those issues going forward.
Remember that money is personal, and customers expect the personal touch. Going the extra mile—responding directly, sending a gift, or reaching out in other ways—can turn negative sentiment into loyalty. By personalizing the customer experience through the lending experience, financial institutions are more likely to earn the crucial trust and confidence that translates into repeat business and referrals.
For more insight into customer experience management in mortgage lending, read our full article “Know Thy Customer,” featured in Mortgage Banking.