The five most common challenges raised by mortgage intermediariesElaine Armstrong
We regularly engage with mortgage intermediary leaders and below are the five most common challenges that they speak to us about together with an explanation on how the Syndeo Artificial Intelligence (AI) communication platform can help overcome these.
#1. Time spent responding to Frequently Asked Questions (FAQs)
We often hear about mortgage advisers spending lots of time answering the same, simple consumer questions . For example, what additional costs are involved when buying a property? What insurance do I need for a mortgage? What is stamp duty?. Many advisers are frequently copying and pasting responses from previous email exchanges. They don’t always get the opportunity to reply immediately and therefore are not able to provide the best possible customer experience.
The Syndeo AI Chatbot can respond to a large proportion of consumer questions to help guide them through the mortgage process, freeing up time for staff to focus on higher value tasks. With our experience in the financial services and mortgage industry our Chatbot is well equipped to understand the questions being asked and has the insight to enhance conversation flows.
#2. Online leads not being qualified
Advisers want well-qualified applicants in their mortgage pipeline, not potential borrowers that won’t end up approved. Often, advisers spend too much time following up on website and social media leads that have not been qualified and may not be worth prioritising and/or pursuing.
Using natural language processing and a conversational style engagement, the Syndeo Chatbot is trained to ask the right qualification questions, ensuring only quality leads are delivered and advisers are engaging customers who are much further advanced in their mortgage journey.
#3. Being available 24/7
Consumers today expect to be able to connect and engage with businesses outside of traditional business hours. The data shows that almost 60% of contact reach outs are during the evenings and weekends. Most mortgage intermediaries do not have the human or financial resources to provide a 24/7 service.
The Syndeo AI Chatbot is always on, allowing mortgage brands to respond to questions from consumers around the clock. Consumers can get answers to their questions at a time that is convenient to them.
#4. Engaging with prospects and clients digitally
Intermediary leaders recognise the imperative to connect with consumers in today’s online world and are increasingly seeking advice on what digital channels are available to them and how they can use them to engage with prospects and clients.
The average open rate for messages sent via a messaging app is 90%. The Syndeo conversational AI platform is multi-channel, allowing intermediaries to engage with their prospects and clients not just on their website, but on the messaging apps they use on a regular basis, including WhatsApp, Facebook Messenger and Viber.
#5. Using an outsourced Live Chat service has its limitations
Intermediaries using an outsourced Live Chat service say that while it can be useful, it is costly for the business. The cost of Live Chat is approximately £5 per lead and the outsourced providers are focused on getting basic contact details, regardless of the quality of the lead. A live agent is also unable to deal with multiple mortgage enquiries at the one time.
The Syndeo AI platform offers a blended AI approach, allowing an adequate mix of live assistance and automated chat. According to HubSpot, 63% of people using AI technologies don’t even know they are using them. AI chat technology has advanced incredibly and continues to do so. When used correctly it works very well in generating leads, by providing instant responses for prospects and helping to create conversions in the short window when interest is piqued. It is also less expensive to run, allowing a significantly lower cost per lead without impacting quality.
For more information on the Syndeo AI platform visit – https://syndeo.cx/ai-platform/