Retaining clients during the refinance boom

Conor Murphy, CEO and Founder of Smartr365, pens his thoughts on the role of technology in retaining clients during another huge year for refinancing.

“Digital processes have very much become the norm for modern society, especially since the pandemic. This includes everything from buying cars to conveyancing, and increasingly mortgage applications. Borrowers are now expecting a digital-led home buying journey and have the power to take their business elsewhere if firms can not offer it. Importantly, advisers are recognising this, with our survey last year confirming that 61% agree technology is ‘key’ to the future of the industry."

“The benefits are clear to see. Advisers already know just how important retention is – yet fewer than 40% of intermediated mortgages are actually retained by the same intermediary. Integrating technology can help to grow this figure by streamlining the remortgaging process."

“For example, it can automate client contact, letting customers know months in advance that their mortgage is up for renewal and increasing the chances of them reaching back out to an adviser to understand what new deals are available on the market. At Smartr365, by including additional information such as reports from Hometrack, we can further prompt clients to take action – after all, a change in the value of their property can act as a natural ‘trigger’ for the remortgage discussion."

“Where clients are already set up ‘digitally’, including with a verified identity, all the key information advisers need to submit an application is also easily accessible, reducing the work for both parties. In fact, API integrations, such as our recent integration with Nationwide, allow advisers to submit a pre-existing customer’s DIP application at the touch of a button.”

Read Conor’s thoughts in full in The Intermediary here.