The vital importance of customer retention in the mortgage industry
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For lenders looking to build the best customer experience possible, customer retention is a challenge financial institutions must overcome.
Part of the challenge? Customers control the lending process, from mortgage origination through servicing. Keeping customers engaged – and willing to work with you again in the future – is becoming more and more difficult. Fewer than one in five homeowners stuck with their mortgage service provider after refinancing their loan in 2019, according to Black Knight’s Mortgage Monitor. A 13-year low.
Some of that shift comes from new homeowner priorities. No longer looking for a lower rate or better terms, instead customers want access to home equity. And customers are willing to increase their interest rate to pull money out of the loan.
So how do you successfully add customer retention to your growing list of priorities? Tackle these five things, and customer retention should take care of itself:
- Optimize your IT stack by breaking up with your legacy systems
- Build a better relationship with your customer data
- Get granular with loan document tracking
- Leverage the ecosystem to get a complete view of your customer
- Don’t forget analog transformation as well
Ready to learn more? Download “Keep your friends close – and your customers closer: The vital importance of customer retention in the mortgage industry” and find out how you can tackle all five.
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