In a world where consumers want access to everything at their fingertips, financial lenders can face a great challenge in providing a good customer experience. Customers expect the loan process to be easy, quick and convenient.
Despite a desire for simplicity, the lending environment can be complex. For that reason, providers find it valuable to educate consumers on different mortgage, auto, personal, business and other loan products that would best meet their needs – particularly during times when rates are rapidly changing. While steps of this process can be handled through various digital touchpoints, the voice channel is often used to alert customers to changes, follow up on the status of applications or verify confidential personal information.
TNS Enterprise Branded Calling helps legitimate organizations reach customers and prospects by including more brand information on incoming calls. This capability is especially critical for financial services brands, as consumers have grown wary of bad actors seeking to obtain account and personal information that could be used for illegal financial gain. Lenders seek voice technologies that restore customer trust and increase call answer rates.
TNS Communications Market business is seeing particularly strong demand for branded calling solutions from mortgage providers, as leading brands have already deployed Enterprise Branded Calling. Mortgage lenders are using branded calls to increase their customer engagement rate and improve their sales team’s productivity and efficiency.
And it’s not just a benefit for sales teams, customers want that personal interaction from their lending providers, according to the J.D. Power 2022 US Mortgage Origination Satisfaction Study. Customer loyalty is also high in the financial lending industry as 61% of loan customers indicated that they would likely use their lender again.
But lending organizations’ ability to facilitate a seamless customer experience and win repeat customers can be complicated by a very simple reality: consumers have lost trust in voice calls and getting them to answer the phone is exceedingly difficult. In 2022, Americans received 70 billion robocalls – this overwhelming number of unwanted calls has led 70% of consumers to never answer calls from unknown numbers.
Recent data from TNS affirms that financial services’ customers want these solutions: 74% of respondents would answer a call from their bank if the brand logo or name was displayed in the caller ID and 59% would be more willing to share personal information with financial services providers if the incoming calls were branded with their logo or name.
Assurance IQ, a direct-to-consumer platform for individuals seeking personalized finance solutions, deployed TNS Enterprise Branded Calling and saw a 25% increase in the likelihood that a customer who received a call will continue to explore the financial solutions with Assurance IQ or one of its partners. This real-life, tangible example highlights how the financial services industry can benefit from implementing branded calling technologies.
For financial services firms that want to remain competitive by optimizing their communications strategy, now is the time to speak to TNS about deploying Enterprise Branded Calling. To learn more, visit https://tnsi.com/enterprise-branded-calling/.
Jim Tyrrell is Vice President of Enterprise Product Management at TNS with specific responsibility for TNS’ Communications Market solutions.