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Streamlining the Customer Experience With Home Loan Survey Results

January 15th, 2020

So, you’ve run the mortgage surveys, collected the data, and are now wondering what to do with it all. We’ve got the answer. Or answers, as it were. Customer experience surveys contain a vast amount of information that can be used in many different ways, from evaluating the need for a new service channel to gauging customer sentiment. Most importantly, data from home loan mortgage surveys can be leveraged to improve the loan application, decision, and fulfillment experience for your customers. Here are some options for putting those survey responses to good use.

5 Ways to Utilize Home Loan Survey Results

1. Act on Sales Opportunities

Home loan and mortgage-only customers are inherently valuable, not only because loans are one of the biggest revenue streams for banks, but also because these customers can be converted into retail banking customers—that is, if your relationship managers reach out in an effective manner. The industry-wide shift towards personalization illustrates the increasing importance of delivering relevant content and opportunities to individual customers. 

Home loan surveys fit right into this approach by helping you identify the best deals and other banking opportunities for those loan and mortgage-only customers. Once you’ve collected this data, ensure that the relevant feedback makes its way back to the proper teams.

2. Identify and Eliminate Pain Points

Due to the complex nature of the loan application and fulfillment process, it can be difficult to fully evaluate the many touchpoints involved. Home loan and mortgage surveys are one effective method for creating a comprehensive overview of the entire process. 

At Avannis, we’ve designed home loan and mortgage surveys that guide customers through each stage of their experience. By collecting and sorting feedback on each group and individual the customer interacted with, we can help you identify both individual and systemic issues that need to be addressed at the institutional level. Whether you choose to implement a post-transaction survey or collect general feedback from your customers, you’ll find it simple to zero in on potential pain points that are impacting the customer experience.

3. Use Sentiment Analysis to Gauge Customer Perception

Although most people shop around for loans or mortgages based on rate, money isn’t the sole factor that determines their decision. In this digital age, word-of-mouth can go further than ever. A strong recommendation from a friend, whether in-person or online, can prompt undecided people to go with a bank that promises a good experience, even if it doesn’t boast the lowest rate. But to get to that point, you first need to ensure that your current customers have an overall positive perception of the loan process.

Sentiment analysis is a powerful method for measuring customer voice and perception. We make sure to tag survey responses with the proper sentiment codes, so that you can view prevailing customer perception of various stages of the loan process, rather than find yourself sifting through hundreds of responses.

4. Address Open Action Items and Outstanding Concerns

It’s far too easy for individual customer concerns to slip through the cracks. Too many unresolved issues will eventually lead to lost business. While it’s essential to solve any institutional issues that are causing these leaks, it’s also important to get back to those customers. 

To that end, make sure to circle back to your home loan survey results and identify any open action items or unresolved issues, such as a loan taking too long. This common issue is driven by unexpected paperwork requirements from underwriting, which in turn throws off both new and old customers. People who have been with your financial institution for years will expect to be recognized and not asked for so much documentation, while new customers may be comparing your processes to other institutions that can move things along faster.

Whatever the issue, be sure to send those items on to the correct relationship managers to ensure that concerns are resolved to the customer’s satisfaction. This attention to detail and commitment to problem resolution can turn a potentially disastrous customer experience into a positive experience that not only retains the customer, but also increases loyalty.

5. Compare Your Performance to Industry Averages

Keeping up with industry progress and matching (or exceeding) the performance of your competitors will ensure that your financial institution remains an attractive option for new customers. Those home loan and mortgage survey results can provide a helpful point of comparison as you evaluate the performance of this revenue stream. Industry benchmarking will allow you to see how your loan process measures up in broad categories like overall satisfaction to narrow behaviors.

Make the Most of Your Customer Experience Surveys

If you find yourself with a wealth of customer data and feedback but aren’t sure how to put it to use to improve your home loan and mortgage services, contact Avannis today. We’ve got the tools, technology, and—most importantly—the expertise needed to boost customer loyalty and improve satisfaction rates at your financial institution. We look forward to working with you!