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New study shows advisors want customer retention tech

The latest industry research conducted by DPR has found that technology designed to help with customer retention is a top priority for both mortgage advisors and lenders.

The commercial and retail banking tech providers spoke to advisors and lenders across the country, with 63% of them stating that they are planning to introduce this sort of customer retention software within the next year – either by the summer or the end of 2021. The kind of technology that most said they wanted to set up would enable customers to change from one mortgage product offered by a particular lender to another, with no need for employees of the lender to help with that process.

In addition to revealing a strong desire for customer retention tech among lenders and advisors, the DPR research also found high levels of satisfaction among those that already have it. Of those surveyed, 91% said that it helped them to keep hold of existing customers, but just 31% have actually adopted it at the moment.

DPR Sales Director Nick Lawler told Financial Reporter that the results showed the positive impact on mortgage sector confidence levels that new technology was having, as well as an increasing grasp of its importance for the future, adding:

“DPR will continue to develop solutions that meet the needs of lenders and consumers alike and our research has revealed exactly what those needs are.”

Technology will be increasingly central to the work of mortgage advisors in the future, which is why completing the CeMAP qualification online can give them a real head start.

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