Brokers choosing white-label home loans, says lender

by Rebecca Pike17 Apr 2018

Brokers and their customers are choosing ‘white-label’ home loans, according to research by wholesale funder Advantedge Financial Services.

In its half-yearly broker satisfaction survey, which ran in February 2018, Advantedge achieved a consistently strong Net Promoter Score (NPS) of +45. 

Similarly, its customer satisfaction survey also highlighted a set of positive results. Following an enhanced focus on customer service, Advantedge received an overall end-customer NPS of +38, up from an already high NPS of +23 in August 2017.

In September 2017 Advantedge introduced digital verification of identity and digital document send and sign to further enhance broker efficiency and customer experience. The mobile identifications apps, IDYou and ZipID, collects customer identification documents, while the digital send and sign capability has significantly improved turn-around times.

According to the broker satisfaction survey, brokers who have used these digital enhancements are highly satisfied, giving them a rating of 8 out of 10. The broker feedback shows that they view the digital enhancements as easy to use, making the process faster and more efficient for their clients.

Advantedge General Manager Brett Halliwell said customer service and a hassle-free loan application process were the two main factors contributing to Advantedge’s strong NPS. 

He said: “While competitive rates and quality of product were also high on the list of factors influencing customer advocacy, the results show yet again that quality service that enables an easier loan experience comes front and centre for brokers and their customers.

“Thanks to digital signing, our partners at MSA National are seeing 18% of documents now being signed and returned within three hours and 60% signed and returned within three days. Put into context, that’s the same time it usually takes for paper documents to be received by the customer in express post. This digital innovation is shaving 5 to 7 days off the settlement process and leading to increased conversion.

 “We’re extremely proud to have achieved such strong results but there is always room to do more. We will continue to enhance our products and services to deliver the straightforward, stress-free experience our brokers and customers are looking for.”

To complete the survey, Advantedge spoke to 476 brokers, along with 765 residential home loan customers with an Advantedge white label loan that had been written or refinanced in last six months.

 

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