Mortgage Choice reports 3-year high in customer activity

by Madison Utley29 Jun 2020

An aggregator who has just reported a three-year high in monthly lead results has attributed the strong customer activity to its timely and targeted approach to addressing COVID-19.

Mortgage Choice CEO Susan Mitchell explained, “When the COVID-19 pandemic began to unfold, our customer communications team quickly rolled out a strategic communications plan targeting our database.

“We understand that in times of crisis, consumers look to experts they know and trust and we believe that this surge in demand for our services can be attributed to the quality of clear, consistent and timely communication from our brokers to their clients.”

The influx in leads has led to a significant increase in the number of applications lodged, resulting in May 2020 outstripping the corresponding month last year despite the pandemic’s economic impact.  

Over April and May, Mortgage Choice took a “focussed, coordinated content approach”, distributing over 1.5 million emails to existing customers and leads which were met with a 28.2% open rate and a 5.56% click through rate.

“We actively supported our busy broker network to stay connected to their customers when demand for their services was peaking,” Mitchell continued.

“The content shared via email, social media and our dedicated COVID-19 financial support webpage equipped customers with factual information from their broker, while also reassuring them that they were just a phone call away.”

In addition to the 17% increase in the total number of mortgage applications in the three months to May year on year, the aggregator also reported a 50% surge in the number of refinancing submissions.

However, the group does not attribute these solid figures to its strong communication throughout COVID for customers alone.

“We also distributed weekly credit video updates to our broker network each Monday covering the fast-paced changes in policy, pricing and processes we saw from lenders in response to the impacts of COVID-19,” said Mitchell.  

“The videos were a digestible way for brokers to keep up to speed and consume the essential information they needed to meet the needs of their customers. This was a great way for our brokers to save time without having to read the deluge of written lender updates.”