Over 90% of specialist lenders said customers now expect a higher level of service, according to research carried out at the Future of Mortgage Servicing conference, hosted by Phoebus Software, Target Group and the Financial Services Forum.
The poll, based on responses from 100 c-suite mortgage professionals, found 70% said customers expected significantly more, while 23% said they wanted slightly more.
No lender present said their clients expected less than before.
Phoebus Software said specialist lenders now recognise the need to improve service, with technology seen as a key driver.
Adam Oldfield, CEO at Phoebus Software, said: “Specialist lenders play a vital role, providing bespoke products to meet specific customer needs, but there’s perhaps less focus on maintaining the customer relationship post-completion.
“Where High Street lenders can cross-sell different products and build brand loyalty, specialist lenders need to work a bit harder to foster a meaningful relationship.
“The reality is that retention strategy starts as soon as you have that first interaction with the customer, and every minute it goes beyond that.”
Oldfield added: “Customers’ expectations of service are changing, fuelled by their experiences with service providers in other industries.
“Customers now expect to interact with their mortgage providers in the same seamless way they do with Netflix or Spotify.
“We believe technology and AI have an important role to play in understanding and meeting customers’ needs.”
He said: “We don’t see them replacing the human touch, which is so important in the specialist market, but rather as an enabler of great customer service.”
Another poll found 70% of mortgage leaders said it was important for specialist lenders to own the customer relationship.
Pete O’Connor, CEO at Target Group, said getting the dynamic right between customer, broker and lender was key to building effective relationships.
O’Connor said: “We know there can sometimes be a friction between broker and lender about who owns the customer relationship, but real success comes from both working together to deliver the best outcome.
“For me it’s less about ownership and more about partnership. You have to earn the right to do business with the customer.
“By working together and delivering great service, then you can build an ongoing relationship that will reap rewards years down the line.”
