At Lodex we are about creating the best experience for our customers and suppliers. We are constantly looking at ways to improve the customer experience and connect people with the best lenders and brokers offers.
In the last 6 months, I have enjoyed the opportunity of working with the Lodex Financial Service Providers (FSPs) and analysing what key factors helps deliver success on Australia’s First online Loans and Deposits Marketplace. Here are my five key hacks to help deliver success:
- Superior Service
- SPEED – you have to be quick
This is the number one factor for success on the Lodex Marketplace. FSP’s who respond swiftly to a product request have noticed customers can often select their response earlier than the product request expiry time. FSP’s who use the campaign feature find this is essential for being able to respond at speed to ensure they are amongst the first to respond.
FSP’s have also had great success when using the campaign feature when they have been on leave over the Christmas/New Year break and of course on the weekends when they are at open homes or with friends and family. Lodex is all about bringing the best loans and deposits to our members and we have the tools that help you deliver the best responses.
We are all time poor and Lodex have created a solution that allows the customer needs come to you. Lodex are proud that members can sit back and let offers come to them in one easy to use destination.
- STAMINA – More than just a rate
We are all running our own race with different needs! The successful FSP’s do not let a lower rate deter them from submitting a response. Too many FSP’s have missed out on opportunities as they see that another FSP has responded with a lower rate and so they choose not to respond as they cannot offer that or lower pricing and feel deflated.
Lodex is NOT A RATE RACE!!
Yes, customers can be rate focused however they are motivated to select a great FSP, which is not discerned, by rate. 84% of home loans are currently written by the BIG 4, and since they rarely lead on rate when it comes to above the line advertising, this in itself, in my opinion, provides confirmation that rate, is not the only factor when customers are choosing a mortgage.
FSP’s who also have the energy to respond with multiple responses also have greater success as members can see that the broker is “brokering”. We all know there is a lot more to a partnership than just a low rate.
People want more than just a low rate – it’s the whole package.
FSP’s have greater success when they personalise the More Information section of a response. Display a side to your personality that is warm and engaging.
Here are some suggested phrases that seem to have worked well:
- Thank you for the opportunity to review your current home loan rate
- I appreciate that finding the right home loan for you for your investment property assists your ability to grow your investment portfolio
- I appreciate the time you have taken to submit this request. Here is how I can help…
- I look forward to having the opportunity to assist you with your [mortgage] [personal] [car loan] etc.
- This is just one option available for your situation, I will respond to your product request with other options which include other non-major lenders.
People want to be more than just a number – let your personality shine through.
Members want to work with someone with experience and skill. Completing all the response fields with detail demonstrates this. Responding with rates that are serviceable and displaying product knowledge in the “more information” section. Early Lodex Data is showing FSP’s who showcase their product knowledge and personality in the “More Information” section have much greater success.
You have years of experience so let our members know.
- SUPERIOR SERVICE
This is your time to shine. We all know that ultimately getting a loan is a long-term commitment (or short-term in some instances but it is still a commitment).
Unfortunately, in some cases, Lodex Customer Care have received a number of calls from customers asking questions that were not sufficiently responded to by the FSP they have selected on the marketplace.
It’s important to ensure you follow up with a customer once they have selected you and follow through with your service offering. You have worked hard to tailor an offer and be selected and they are expecting the same level of service you have offered in your response.
FSP’s who deliver a superior service offering have greater conversion success and customer referrals.
Ultimately we are a people business and dealing with people and their finances, and we should all work together to deliver the best service possible.
If you are a customer, we would love to hear from you about how we can improve our service.
If you are a Financial Service Provider, let us know what we can do to improve the way you can connect with our members.
Contact Lodex at email@example.com
The above is an opinion piece only by Rebecca Tait. The information provided has not taken your personal objectives, circumstances or needs into account. Get independent advice about them if you need to. Lodex doesn’t make any representation about the suitability of any products or service “responses” for which you may receive using this site. All “responses” received on your loan or deposit requests on the Lodex website are indicative only and non-binding.