The Intermediary – September 2025 - Flipbook - Page 95
T E C H N O L O GY
Opinion
it better myself
An increasing number of mutuals
have not only recognised this, but
have begun to act to address this risk,
using technology platforms to manage
customer interactions. They realise
that the more touch points they have
with the borrower, the stickier those
borrowers are. Key to achieving this is
to understand that giving customers
the choice to handle these interactions
makes all the difference.
Consumer confidence
Customer psyche is a huge factor
in how people want to interact
with services of all kinds. Younger
generations are more likely to be
comfortable communicating online
or through chatbots and messaging
apps than those in their later years.
Those who have been through the
remortgage process several times
already may feel more confident selfselecting than those making their first
home purchase.
Some people manage their money
through apps, others through online
browser-based accounts. There are
those who prefer the independence
that a mortgage broker offers, some
want their hands holding. Some
just want to talk to someone over
the phone.
Segmenting these customer needs
and preferences is not simple for
lenders – especially as historical
customer touch points have been
sporadic. Yet most lenders have reams
of data that could help them to develop
more sophisticated retention and
servicing strategies.
Under the Consumer Duty rules
requiring ongoing monitoring of
customers at risk of qualifying as
vulnerable, geing a handle on what
customer data is telling lenders is
another priority.
Effective management of
this requires the technological
functionality that more modern
origination and servicing platforms
offer. Investment in such tech has to
be balanced against the risk of system
change, but there are solutions that
address both considerations and offer
huge efficiency improvements.
Analysts at UK Finance have hit
the nail on the head in their August
missive to the market: “For lenders
unable to match the cheapest market
rates, the emphasis will shi to
making the remortgage process as
frictionless as possible.
“That’s true for direct-to-consumer
channels and even more critical for
intermediary-led business.
“In short: for many lenders,
streamlining the remortgage journey
could be the decisive factor in winning
– and keeping – customers.”
Couldn’t have put it beer myself. ●
September 2025 | The Intermediary
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