The FCA is raising the bar for customer care in the financial services landscape. Firms must now adhere to the Consumer Duty: a package of measures that aims to improve customer outcomes with better communication. This new Consumer Duty, recently issued by the U.K.’s Financial Conduct Authority (FCA), mandates that
For decades, credit unions have offered incredible rates, low fees and face-to-face interactions — an exceptional CX many traditional, major banks are unable to offer. And it’s obvious this customer-first approach works. An impressive 90% of surveyed members believe credit unions are a great place to find both financial advice
How has the mortgage industry adapted to our increasingly digital world? For one, mortgage companies have upped the ante on their digital transformation efforts across all facets of their businesses. Automation — from collecting payments to customer communications and everything in between — continues to be a top priority for
From bitcoin to NFTs to robo-advisors, fintech is a hot topic. Have you ever been asked to “venmo” or “zelle” someone? Fintech is responsible — 3 out of 4 consumers now use payment services like these. But fintech is quickly taking hold of any and all financial industries, including mortgages,
During the COVID-19 pandemic, mortgage companies are offering their customers several loan forbearance options to provide temporary relief to those who have suffered financial hardship during this time.
Today, over 6% of all mortgages are in forbearance. That’s up from only 0.25% at the beginning of March.12 An astronomical increase such as this has the potential to lead to astronomical problems, such as potentially devastating consequences for borrowers who don’t fully understand their forbearance repayment options.
Customer engagement in the mortgage space has traditionally been very low and is often overlooked as a relatively insignificant factor in an originator’s or servicing company’s performance. It is estimated that only 22% of current customers are actively engaged with their mortgage provider. However, research shows that not only is
