How much weight does communication carry when it comes to customer satisfaction? More than you might think.
According to J.D. Power customer satisfaction data, 63% of customers would leave their mortgage servicer for better communication. In today’s environment, where consumers are digitally savvy and more connected that ever, effective communication is a critical component of the customer experience – and retention. Fortunately, this affords servicers an opportunity to meet and exceed customer expectations and outshine competitors with timely, meaningful communications. The following tips can help you support the evolving preferences of the modern mortgage customer.
Tip #1 – Communication Channels Aren’t Built Equally Individual customers have varying preferences when it comes to communication channels. Where one may prefer a text notification, another may prefer an email or even a phone call. It’s important to meet customers where they prefer for the most effective communication experience. Don’t make them come to you. Consider an active-duty military customer without a permanent address or cellular access. Email is likely the most effective channel. However, when that same customer returns home from deployment, SMS alerts or push notifications may be preferred. When possible, give customers the option to designate their communication preferences. That way, you’re always reaching them in the most effective way.
Tip #2 – Proactive and Steady Wins the Race Proactive and consistent communication directly correlates with higher customer satisfaction, yet many servicers fall into a passive pattern of keeping in touch with their customers. Customers expect notifications for approaching due dates, payment applications, account changes, eligibility offers and more. Take advantage of automated text and email alerts to not only notify them of important updates, but to also encourage more active use of your organization’s mobile or web apps. These notifications can be automated with the use of advanced technology, helping servicing teams save valuable time and avoid manual steps. Proactive and reliable notifications can provide peace of mind for your customers and are an important part of the customer experience.
Tip #3 – No Dictionary Necessary You are an expert in mortgage servicing, but your customers shouldn’t have to be. Spare them the hassle of Googling industry jargon by skipping complex terminology and phrasing. Messages should be written in simple language so every customer can easily comprehend the information and any actions to be taken. Keep messages concise and straightforward. Just like you, your customers are busy. Meet them in the middle by providing messages that get straight to the point, and only tell them what they need to know and the point in time they need to know it.
Tip #4 – A Little Gratitude Goes a Long Way You appreciate your customers’ business, but how often do you remember to tell them that? Think of every communication as an opportunity to say thank you. While messages should be as concise as possible, it’s always worth the extra words to sincerely express gratitude. After all, your customers are your most valuable asset! Communicating effectively with customers is an art, not a science. No matter where you feel your processes land on the spectrum from beginner to advanced, these tried and true tips can help improve the way you reach your customers.