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MFAA Prosper : Mortgage and Finance Brief 12
Mor tgage & Finance brief | 29 Over the course of six weeks, 132 mystery shoppers visited banks, credit unions and brokers and scored them on key criteria along the entire customer acquisition and management process. The survey revealed several key opportunities for brokers to improve their performance and customer engagement; and, more importantly, develop opportunities that can maximise revenue. Based on CoreData’s ACQUIRE Index, brokers scored a rating of 77, outstripping banks on (74.1) and credit unions (73), with strong performances in listening skills, honesty and product knowledge. Brokers led in assurances (comprehensive knowledge of loan products), compliance (revealed fees and charges), understanding (lenders’ listening skills) and reaction (honesty of the lender). CoreData identified four areas in which brokers could improve: compliance (explanation of privacy and supervision and explanation of complaints), quality (the appropriateness of the loan amount offered), intention (the likelihood to proceed to a second meeting), and environment (an acceptable wait to see the lender). “This survey, in a general sense, does two things: it shows that, overall, brokers have really nailed it; but it also shows there’s opportunity for improvement in a couple of areas,” says Phil Naylor, the CEO of the MFAA. Andrew Inwood, Principal of CoreData, says the survey indicates that some brokers are acting as ‘order takers’ and they need to take a more business-like approach to running their operation. “People need to decide clearly between running a lifestyle and running a business,” he says. Inwood says brokers were excellent at understanding customers’ needs and getting to know people, but when it came to doing the right business things – like following up leads and creating a pipeline – they could improve. “Brokers need to focus on things that really drive the business,” he says. Naylor agrees that some brokers are not as urgent about making sure their business is as viable and competitive as possible. “Serious brokers – they’re the ones who see the broking channel as a business and something that can grow and grow quite significantly – are doing the right thing and taking the whole process seriously,” he says. Inwood says the really good brokers are turning every opportunity into business. The survey identified five critical areas where brokers, while mostly performing well, can enhance customer experience and improve their competitive position.
Mortgage and Finance Brief 11
Mortgage and Finance Brief 13