Here at ACA Mystery Shoppers we have finalized an intriguing piece of research investigating the provision of mortgage advice from 25 Banks and Building Societies in the UK. The detailed data gives financial institutions such as Banks and Building societies a comprehensive competitor picture of the customer experience delivered in order to carry out a simple re-mortgage. The study highlights some quite startling results (such as 3.5-hour process times) which may have the effect of deterring prospective consumers from finishing the procedures which leads up to formal application.
The aim of our research
Our aim was to provide detailed research which would be crucial in enabling Banks, Building societies and other financial institutions to not only determine areas where these processes could be streamlined, but also how they compared with their competitors within the financial services industry. The research provides:
• Real measurable data from those initial communication processes consumers may have to deal with before application.
• How those factors may affect the ultimate sale of a product, service or loyalty to brand
• Best and worst practices on the market
• How processes compare with other banks and building societies in the market.
How did we structure the survey?
We facilitated mystery shoppers and used desktop research over a period of 6 weeks. The mystery shoppers visited branches, call centres and used online services and were from a demographic (employed with a really good income, 60% LTV, moving from a fixed rate loan for a re-mortgage to a new lender) that we believed most banks and building societies would be looking for on their balance sheets.
Protracted customer experiences can only lead to higher costs
Lead generation costs money for any organization. If you are losing those prospective customers at the first hurdle during the initial engagement process, then that cost is likely to be increased. Management is left with a scenario where sales may be falling but there is very little detailed data to pinpoint why that is occurring. The longer it takes to get re-mortgage information, the worse the customer experience and the more it is likely to cost the organization.
Some of the questions we looked into were:
• How easy was it for the consumer to get in contact with someone if they wished to re-mortgage?
• How many steps were there in the process of contact before application?
• Were staff marketing the organization’s USP and brand?
• Were staff marketing other options (such as video technology) which should have been available to them through some of the organizations?
• What was the capacity to re-mortgage from one lender to another by just using online services?
In gathering information from 25 financial institutions you will be able to highlight best practice in call centres and in branches through clear measurable data. Most of all you can benchmark your organist against all your competitors and consider making changes to streamline your own practices. You may also wish to instigate processes which are working well for your competitors.
This complex and extensive research is now available for purchase. We will not only supply the data and reports but, if you wish us to, we will also provide a presentation to relevant internal departments within your organizations to bring it to life. For further information about how you can purchase the research call us on 0191 2290231 to discuss or fill out the contact form below.