Today’s mortgage industry faces a challenging set of circumstances that has opened the door for new market entrants, forced existing players to step up, and left some competitors permanently in the dust. In every profession, it’s the end-to-end customer experience that will set you apart from the competition – and the mortgage industry is no exception. Getting a mortgage is often a stressful and unhappy experience for customers. The process is so full of uncertainty, miscommunication and downright poor service that it’s one of the least engaging of all the financial services that banks provide.
A recent Federal Deposit Insurance Corp study revealed that the need for better customer experiences in the mortgage industry is evident, and customer satisfaction ratings are down across the board. Mortgage lenders are facing mounting pressure to improve the customer experience. Sure, technologies like electronic signature software certainly can help, but what about the caller experience, especially if you use a contact center to handle inbound calls?
A positive caller experience equates to a positive customer experience, which can have profound impacts on the growth of your firm. An awesome customer experience is a long-term competitive advantage you can use to differentiate yourself in a crowded market.
Mortgage On Hold Messages Sample:
Engaging Waiting On Hold Callers is a Unique Opportunity.
Mortgage companies use on hold messaging to engage and inform callers about all of their available lending products. But, you can also tell them: What makes your company different? Your Exceptional service? Quick closings? And more…
On hold message marketing offers the perfect opportunity to discuss your mortgage products, share your experience, and assure prospective clients that they have made the right call! In fact, your messaging is a powerful marketing tool that can:
- Inform clients of your hours, the types of loans you offer, and what documents to bring to their closing.
- Build your credibility by sharing information about your industry affiliations, experience, community involvement, and the lenders you work with.
- Reduce the frustration of long hold times by keeping callers engaged with informative content on home refinancing, FHA loans, and the pre-qualifying process.
Getting mortgage service right is not easy. It requires consistently executing a meticulously developed, complex customer strategy from start to finish to create more fully engaged customers. But the payoff — such as more mortgage originations, cross-selling and repeat business — makes it well worth the effort.
Bad (or no) Engagement is Bad for Business.
Low engagement is bad news for mortgage providers, and it’s likely hindering their growth. Fully engaged customers are essential for financial service institutions because they are emotionally and psychologically attached to the companies they do business with. They’re the company’s most loyal, vocal brand ambassadors, and they give the organization more of their time and new business.
Global marketing information services company J.D Powers conducted a Mortgage Servicer Satisfaction Survey in 2017 which reports that: Among all mortgage customers, 10% say their time was wasted during their most recent interaction with their mortgage servicer. Overall satisfaction drops 285 points when customers believe their time is being wasted. Among those who believe their time is wasted, 66% indicate waiting 5 minutes or more to speak with a customer service representative.
Improving your customer’s experience is like painting the golden gate bridge — it’s never done! Customer experience isn’t a project or initiative, it’s a way of doing business. Always focusing on how a customer perceives you, and how well you’re meeting their needs at every touch-point.
Focus On Relationships.
Focus on the relationship, not the loan transaction. Don’t think of your clients as leads. These are people, and you are helping them with one of the largest financial transactions they’ll experience. It all starts with a deep understanding of your potential borrowers’ needs, preferences, expectations, and perceptions of your services.Take the opportunity to connect with the emotions of buying a house and create a long-term relationship!
Build Credibility and Trust.
Regular, relevant communication builds credibility and trust. Remember: Mortgage providers deal with people’s money and fund their homes. Those that build trust are more likely to retain long-term customers. For in the final analysis, those who make it financially possible for excited clients to obtain coveted houses should be the first to grasp the importance of a solid foundation.
Customer experience is now the greatest differentiator in an increasingly commoditized mortgage market. To win the battle for exemplary experience, all mortgage companies must better understand their customers, and design and deliver experiences that get to the heart and soul of one of the most significant financial moments of their lifetimes.
In order to gain a competitive advantage in today’s evolving mortgage industry, firms must transform the customer experience, and this includes providing a better caller on hold experience with the use of customized on hold messages. Contact Original On Hold to learn more about mortgage on hold messages, or try our risk-free custom on hold demo and hear what your brand can sound like before you buy!