Many mortgage providers have the ambition to offer consumers a personalized customer journey. Access to consumer data is a critical success factor for an organization to achieve this goal. IG&H uncovered four essential conditions that providers must meet to ensure that consumers are willing to share their data.
Striking the data balance
Many of the customer journeys designed within the mortgage industry use data about the consumer. In some cases, the required data is also more extensive than currently necessary and available. For example, consumer needs regarding their home or finances. This is necessary to provide consumers with tailor-made services. Access to this data is therefore a key point to realize these customer journeys.
Our research shows that most consumers have no problem sharing specific information about the home or their living situation. However, when asked for more sensitive information - such as insight into current and savings accounts - they do start to hesitate. How can organizations ensure customers feel comfortable sharing some of this important information?
Four prerequisites to become data-driven
If lenders and advisors want to convince consumers to share their data, four essential conditions have to be met:
Clear benefits in return. Providing data should yield obvious advantages for your customers. These could be financial incentives or improved service. The customer journeys designed by IG&H are examples of elevated service.
Transparency about the use of data by lenders and advisors. Why is consumer data necessary? Who has insight into the data and how do you handle it? These are important questions for consumers. They want answers before they give a business access to their details.
Consumers must have control over their own data at all times. They can decide for themselves which data they want to make available for which purposes.
Explain the above simply and visually. Demystify the need for data; keep things simple and make it as visual as possible. This helps make things clear and more manageable for your customers.
Personalizing customer journeys
If lenders and advisors can gain insight into more data in this way and use it to offer new customer journeys, they will create a data-driven mortgage business that meets the demands of 21st-century consumers and employees. A data-driven mortgage organization means a different way of working is on the horizon. This adjustment offers business benefits but also impacts your operating model.
Do you want to know more about becoming a data-driven mortgage organization?
We delve into changes beyond national borders, identifying several developments within the mortgage market that Dutch providers and advisers can learn from. Join us as we move along a roadmap for mortgage innovation. The whitepaper at a glance:
Particularities of the three main target groups: first-time buyers, middle group and retirees
Become customer-oriented and understand your clients: personalize and simplify
An operating model to set you up for success: the four vital quadrants
Don’t fall behind in times of digital disruption: How to differentiate yourself as a customer-oriented mortgage organization