meeting home loan customer needs and expectations
Case Studies
The Brief
The research was conducted as part of a broader strategic review of the client’s operations that provided a transformational roadmap of activities to reduce customer effort, increase customer retention and optimise operational efficiency and effectiveness.
The research was conducted as part of a broader strategic review of the client’s operations that provided a transformational roadmap of activities to reduce customer effort, increase customer retention and optimise operational efficiency and effectiveness.
The approach
Contextual enquiries were used to examine customer’s thoughts and feelings towards their various experiences when making a home loan application and when managing their post purchase needs. Interviews were conducted with 20 customers in the home they had recently purchased as well as interviews with mortgage brokers.
Contextual enquiries were used to examine customer’s thoughts and feelings towards their various experiences when making a home loan application and when managing their post purchase needs. Interviews were conducted with 20 customers in the home they had recently purchased as well as interviews with mortgage brokers.
The challenge
The key consideration in the design of the research was about covering the different customer personas and their journeys rather than seeking to be representative of the client’s customer base. The research also included interviews with some customers who were in arrears with their home loan and hence interviewers needed to be mindful of their circumstances, observing protocols around empathy, privacy and confidentiality.
The key consideration in the design of the research was about covering the different customer personas and their journeys rather than seeking to be representative of the client’s customer base. The research also included interviews with some customers who were in arrears with their home loan and hence interviewers needed to be mindful of their circumstances, observing protocols around empathy, privacy and confidentiality.
The insight
The customer journey maps identified pain points around the risk assessment process when being considered for a home loan and inefficiencies around the uploading and lodgement of documentation. In addition, the research identified four key segments to harness acquisition and conversion opportunities.
The customer journey maps identified pain points around the risk assessment process when being considered for a home loan and inefficiencies around the uploading and lodgement of documentation. In addition, the research identified four key segments to harness acquisition and conversion opportunities.
The outcome
28 specific recommendations were made to improve customer conversion, reduce customer effort, increase customer retention and optimise efficiency and effectiveness. Since conducting the research, the client has delivered 50% year on year growth in new customers.
28 specific recommendations were made to improve customer conversion, reduce customer effort, increase customer retention and optimise efficiency and effectiveness. Since conducting the research, the client has delivered 50% year on year growth in new customers.
