The Challenge:
Whilst mortgage client needs clearly play the primary role in influencing which provider to recommend, it’s impossible to discount the impact that perceptions of service and support have on the overall decision.
The views advisors hold of providers therefore occupies a central position in defining the current and future dynamics of the mortgage market. With this in mind, Openwork identified the benefit of achieving a frequent and detailed measure of provider performance from its network of advisors.
"We wanted to work closely with our advisors and put the focus on service, helping those advisors who are struggling with some lenders deteriorating service levels."
Paul Shearman,
Mortgage Proposition Director
Solution:
Nunwood created a bespoke online panel, recruiting over 10% of the 2200 mortgage advisers on the Openwork network. Every quarter, advisers rate the performance of around 37 mortgage lenders on all elements of the service they provide from the quality of their KFIs to the support they give from their business development managers.
From advisor feedback collected, Nunwood present individual reports to each mortgage provider, showing their overall performance on a league table against all other Openwork lenders, as well as detailed results on specific service areas. Prioritised recommendations are given per lender, alongside Openwork wide benchmarks, so that lenders know exactly what they need to improve over the next quarter and how they compare against the competition.
Impact:
Nunwood’s reports have revolutionized Openwork’s business by driving change and improvement among its mortgage lenders. Openwork have used the league table to identify best practice provider benchmarks as well as to highlight those who are under-performing.
Lenders are fully aware that their performance is being monitored and compared with competitors, which in turn will affect adviser recommendation, hence sales. As such the panel has acted as a key driver for change, spurring service improvement across Openwork.
"The results of the first survey have already led to some significant action by a number of providers.Nunwood have gone beyond the brief by providing actionable recommendations from the mouths of our 2200 mortgage advisors - in turn improving the way our mortgage lenders do business with our network. Nunwood's online services have provided us with a full and integrated solution, from matching our branding on the online surveys, through to providing us regular updates on response rates and results." Paul Shearman,
Mortgage Proposition Director
"Nunwood's online services have provided us with a full and integrated solution, from matching our branding on the online surveys, through to providing us regular updates on response rates and results."
Paul Shearman,
Mortgage Proposition Director
