The 7 steps to the industry’s best customer experience

Across Loan Market, our brokers average an industry-leading Net Promoter Score of +97.

Now when you consider a good NPS is between 0-30, and a ‘world-class’ score is above 75, Loan Market brokers are killing it when it comes to making customers happy.

But it takes more than an approval and a winning smile to leave a lasting impression on clients; an impression that encourages them to tell their family, friends and colleagues who to go to for their finance needs.

In this week’s Broker Bulletin, we deep dive into Loan Market’s 7 Steps to Customer Experience Success.

#1 Winning new leads

My Lead Generator (MLG) is a two-step solution for brokers to win business, capturing the lead and then sending them straight into the broker’s funnel.

MLG is a personalised link that brokers can share anywhere: their website, social media channels, email signatures, referral partner’s newsletters and anywhere else that’s easy to find for customers.

It automatically links the customer to Loan Market’s Online Fact Find for qualification.

It’s a super-convenient process for customers and great for brokers as well. Last year, one in four MLG leads converted for brokers, generating $592.5m in settlements.

#2 CX-friendly data collection

After clicking through from the MLG link, the Online Fact Find is the CV-friendly online document allowing clients to share necessary documents safely and efficiently. There’s no double handling of information and, most importantly, not a shred of paper shared.

The Online Fact Find is also part of Loan Market’s Hello Pack, which introduces the brokers to the client following general market enquiries. Brokers back the benefits of the Online Fact Find, as well, driving a 181% uplift in the number of Packs sent to customers in 2022 compared to the year before.

The Online Fact Find allows the broker and the client to determine whether proceeding to application is feasible, or whether a plan needs to be put in place to apply in the future.

#3 Automated pre-lodgment care

Sometimes customers aren’t ready to lodge - a trend that’s become increasingly common as rising interest rates have reduced borrowing capacity.

Once a broker has engaged with a client and set in place a strategy to lodge in three or six months’ time, it’s important that the relationship is maintained so the broker remains top of mind for the customer.

Nurture is an automated marketing solution that sends the client educational content every fortnight that helps them get prepared to lodge and learn more about the intricacies of finance. Content is segmented to reflect the individual client’s situation: first home buyers, upgraders, investors and refinancers.

The automated solution - which is still personalised - helps the client to successfully lodge faster, keeping their borrowing goals on track. Importantly, it allows the broker to remain focused on those clients that are already in their system.

#4 Solving the challenge of compliance

Goal Setter is a central piece of the Loan Market Blueprint - our Kaizen-driven process playbook. It acts as a digital meeting companion for brokers. It drives consistent, quality conversations around client goals, objectives, preference and requirements. By capturing this data, brokers are recording the client journey and documenting how they are acting in their best interests. For the client, it leaves them with no doubt about what’s ahead in the financial journey and crystallises what they’re wanting to achieve in the process.

#5 Outlining the plan to clients

The outcome from the Client Engagement, lender analysis and Best Interests Duty checks is the Game Plan - a sophisticated, data-rich document that outlines to the customer the extensive work the broker has completed. It details their expert opinions and recommendations, and is automatically generated from MyCRM. The customer-focused proposal encapsulates all their ambitions.

In an easy-to-read, jargon-free document, it presents the client with the recommended lenders, their products, and the all-important ‘why’ they were chosen.

Last year, 9 out of 10 clients who received their Game Plan went ahead with the proposal.

#6 Helping clients make informed buying decisions

Once a client is pre-approved, brokers have access to PriceFinder data to prepare suburb reports that are relevant to where the customer is looking to buy. Customers have a wealth of data available to them, but a simple to read, suburb-specific overview that outlines what the market is paying for comparable properties is important in helping clients make informed decisions on their property journey.

#7 Clients for life

Stay In Touch is Loan Market’s automated communication tool that helps support clients for life.

Once the client has settled, Stay in Touch keeps the relationship close via ongoing automated communications around important after-care topics: do they need finance for a new car, are they looking to renovate, are they thinking of refinancing, and more.

It rounds out the customer experience and keeps the client close while the broker continues to service new clients.

If you want to set a new standard in customer service, talk to our team at Loan Market today.

Better begins here.