The NPS factor in mortgages that could emerge as a key driver

  • By Christine St Anne

While attractive rates and value for money are key drivers in driving net promoter scores for mortgages, another driver could emerge as key in the current challenged market.

RFi Group data to date suggests that the two factors that drive mortgage net promoter score overall are competitive rates and value for money.

The other key driver of mortgage choice in the market is feeling valued.

“Consumers want to feel that the lender values their business. It’s an area which is the third most important driver, but yet remains the lowest performer in terms of customer satisfaction,” RFi Group deputy general manager Kate Wilson said.

Here there is an opportunity for lenders to step up their engagement with their borrower particularly as many of their customers could be experiencing hardship following the COVID-19 pandemic.

“What we saw off the back of the royal commission was that what customers really wanted, in terms of re-gaining trust, was recognition by their lender of the tenure of their relationship as well as recognition of them as an individual,” Wilson said.

“These issues can still be tackled despite what is happening at the moment in the market.”

Bendigo and Adelaide Bank is the best performer on this metric, followed by St George Bank and ING but according to the data, the bulk of lenders have less than 40 per cent of customers agreeing that they fell like a valued customer.

“I suspect in the current environment, that feeling of being valued perhaps would become even more important.”

Many lenders have already moved to provide mortgage support packages including a six-month reprieve on repayments.

Again, Wilson sees scope for improved service between borrowers and lenders.

“With the current challenges, how lenders will support their customers will really be important in this environment.”