Smaller lenders undoubtedly drive competition within the Australian mortgage industry by offering competitive products and positioning themselves as the more trustworthy, customer-focused alternative to the big banks. Despite this, they are less likely to succeed in proactively selling their products.
Global Reviews has recently undertaken extensive research into the sales capabilities of contact centres within the Australian mortgage industry to find that major banks are much better equipped to take the customer through the buying process than their smaller lender counterparts.
The research is based on over 500 interactions across ten major banks and nine smaller lenders. The results highlight that there is great disparity between the sales methodologies of these two sub-sectors of the mortgage industry. Banks score 45.8% for Acquisition, which measures the extent to which companies present a solution tailored to the customer’s needs. Smaller lenders score just 36.8%, which is symptomatic of an unstructured needs discovery line of questioning, which prevents companies from finding out what motivates their customers.
Interestingly, even though the major banks are often considered to be lacking in customer focus, they scored better for the Engagement category than smaller lenders (+6.5%).
The below graph illustrates the variation between the two experiences typically delivered to customers enquiring about mortgage products.
To find out how your company’s telephone sales effectiveness compares to your competitors and best practice contact us today.