Don’t you hate having to wrap up a conversation mid-sentence when there’s still SO much more to say and learn?
Lucky for us—and most especially for our listeners—we have a solution: Invite guests back to continue the chat!
That’s precisely what we did this week. Tom Millon, CEO of US Loan Services at Computershare and Jeff Johnson, COO at Computershare Loan Services return to talk customer servicing in lending and in the financial services industry as a whole—this week on CRMNEXT’s Banking on Experience podcast.
Tom’s top-of-mind thoughts around customer servicing in financial services.
Both of our guests this week are passionate about customer service, and it’s something they and their company are continuing to invest in.
Without good customer service? “Everything starts to fail,” says Tom. “We serve our customers, borrowers, banks, mortgage companies, investors—and it’s all around providing a good customer service experience.”
Another pearl of wisdom Tom offers our listeners? “It’s cheaper, better, and faster to provide good service the first time.”
How to make the sharing of sensitive information more efficient and secure.
Top of the list here, for Tom, is making sure all customer data is encrypted before sending it anywhere. This ensures it’s not at risk from, as he puts it, “some of the scarier things that can be out there in cyberspace.”
FIs, mortgage lenders, investors: what matters most to them re customer servicing.
Our experts are unanimous on this: the most important thing to these particular customers is making sure that their borrowers are treated well.
“We view ourselves as part of the client’s team… We’re an extension of their service,” says Jeff. “We try to learn as much as we can about that company, create joint goals, do joint call-monitoring sessions. And we take that very seriously.”
CX from a borrower’s perspective.
Tom emphasizes that borrowers expect fast, efficient, accurate interactions with the lender in a variety of electronic forms. And they, at Computershare, are investing in all of those.
How mortgage companies’ customer care can best assist borrowers in need.
Jeff looks at the customers who reach out and breaks them into two categories: those that need help (and who they spend a lot of time trying to support) and those that—if things had been communicated clearly to them—wouldn’t have had to call.
“We spend a lot of time reviewing why customers call us,” says Jeff. “We go in to our transformation design team, and we try to redesign the customer experience so they don’t have to call us—because the self-help tools are clear; our communications are clear.”
The best way to approach customers who are dealing with hardship.
Our experts share some wonderful advice here that you’ll definitely want to listen in for, but a lot of it ultimately comes down to 3 things: empathy, listening, and creating the opportunity for the customer to communicate what the best solution is for them.
The default loan servicing market (aka special servicing): where things stand today.
Good news! While there are absolutely challenges, according to Tom, “There are historically low rates of default in the marketplace today. The employment market is very strong… The real estate market is very strong. All that strength leads to historically low rates of default—maybe the lowest that we’ve ever seen.”