The MMR will obviously have a dramatic and far-reaching effect on customers. Although there is much to be said for the improved advice that customers will receive, this comes at a significant cost in terms of the actual mortgage buying experience itself. Customers who would historically have undergone a 15-20 minute non-advised process will now be forced into a 90-120-minute advised process instead. For the average customer it is estimated that the time taken for the advice process will increase by over 400%.
By: Marcio Rodrigues, Customer Propositions Director – Vizolution @MarcioOnTW
Vizolution is currently working with a number of lenders and our experience is that they are constantly looking for opportunities to move away from expensive branch based advisors yet ensure they give good advice, treat customers fairly and importantly meet conduct risk expectations. Some of the issues they are dealing with include:
- How to streamline the sales process to improve the customer experience
- How to persuade the customer to share a greater amount of personal information accurately
- How to ensure that a qualified adviser is on-hand to serve customers
- How to make advice engaging and accessible
- How to minimise the cost of delivering advice in a branch
- How to prove that the process followed by an adviser was compliant
- How to minimise ‘fallout rates’ and maximise customer satisfaction
Convoluted customer journeys that rely of postal lag, in branch advice or voice only interactions will not be good enough. Customers want to fully interact with lenders where they are…. Not where lenders want them to be. This means replicating a face-to-face or in branch interaction, remotely.
So, how can lenders deliver on all the points above? You guessed it…
Vizolution’s vScreen allows an advisor to conduct a full interactive ‘person-to-person’ advice session with a customer from a remote location. vScreen also offers many benefits and in particular the ability to leverage scarce mortgage advisor capability in a fully compliant manner. Through vScreen, lenders can achieve a far greater penetration of branches in the first instance while providing a cost effective solution to making mortgages more generally available across the wider public.
Bottom line: The lenders that make it easy for customers to get what they want will win.
Author: Marcio Rodrigues, Customer Propositions Director – Vizolution @MarcioOnTW