Why are Contact State exhibiting and talking at this years’ Mortgage Business Expo on 13th October? Thomas Brett, Head of Mortgage and Lending discusses why October is good timing to talk about regulation and customer acquisition.
- Consumer Duty
- Panel Discussion
- Customer Acquisition
- Data Control Matters
Consumer Duty
The mortgage market has had an interesting few weeks with the drop in stamp duty, interest rates rising fast, and lenders pausing products.
But whilst brokers deal with these issues, it’s important to remember that the FCA have given to the end of October as the deadline to have a formal plan in place on how you expect to adhere to the new Consumer Duty regulations, just in case they decide to audit you.
We know the new regulations will be far reaching, and one important element of this will be, ‘how will this affect marketing for new mortgage customers?’
Panel Discussion
That’s why we’ll be chairing a panel discussion on this subject at 2.45pm in theatre room 1 with an expert panel to answer your questions.
Kelly Melville-Kelly has over 20 years’ experience in financial services risk, Dominik Lipnicki owns and operates one of the largest mortgage and equity release brokers in the UK, and Ryan Berry, founded and heads up one of the most interesting lead generation firms in mortgage right now.
Customer Acquisition
One of the biggest issues in customer acquisition in the new world of consumer duty will be ‘how do we avoid sludge design?’
Are hotkeys from bought data acceptable? Is an ‘instant’ calculator for a mortgage quote which is just designed to take data to sell on, a safe customer journey under the new rules? Would my lead generating partners pass the consumer duty rules?
These are all questions that will need to be asked when planning customer journeys towards advice, and what we aim to discuss at this years’ expo.
Data Control Matters
Another very important piece of work we have undertaken is our first Data Control Matters research piece into online consumer consent. We, with the help of Carr Consulting and Communications and Opinium Research asked 5,000 people their views on how they apply for mortgages online, their worries with their data, and how this has changed in the last 5 years.
Some of the figures are staggering, with a 100% increase on customers deciding to look online for their next mortgage, and 73% of customers having had a negative cold calling experience in the last 12 months.
This report will go live in full, ready for the expo and we want to share those findings with as many people in the mortgage industry as possible. We believe that the data in this report will inform how customers apply for borrowing in the next 5 years, and this presents a huge opportunity for brokers to build robust customer journeys based on how consumers feel.
To be first to read this report you can register here, otherwise, we look forward to seeing you at the Expo this year at stand 46 and on stage.
