𝐇𝐨𝐰 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝐋𝐨𝐚𝐧 𝐂𝐥𝐢𝐞𝐧𝐭 𝐀𝐝𝐯𝐨𝐜𝐚𝐜𝐲: 𝐓𝐡𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐨𝐥𝐞 𝐨𝐟 𝐒𝐚𝐭𝐢𝐬𝐟𝐚𝐜𝐭𝐢𝐨𝐧, 𝐓𝐫𝐮𝐬𝐭, 𝐚𝐧𝐝 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧

𝐀𝐝𝐯𝐨𝐜𝐚𝐜𝐲 𝐚𝐬 𝐚 𝐓𝐨𝐨𝐥 𝐟𝐨𝐫 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞

In the world of finance today, advocacy is the new frontier of growth. Research shows that 76% of borrowers will seek out recommendations before selecting lenders; therefore, financial institutions need advocacy based on three key pillars: satisfaction, trust, and information.

 

𝐂𝐚𝐮𝐬𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐒𝐚𝐭𝐢𝐬𝐟𝐚𝐜𝐭𝐢𝐨𝐧: 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐑𝐞𝐚𝐥𝐢𝐭𝐲

Willingness to recommend products or services through a referral network is, in turn, influenced by superior customer experiences, including: low friction processes, bespoke loan structures, loan servicing, and proactive issue management. Research also indicates that customer satisfaction increases by 10% with a 12-15% rise in client-driven recommendations. To close the loop, lenders should embrace customer economy, meaning they should strategically initiate steps that enhance effortless engagement and customer loyalty.

 

𝐓𝐫𝐮𝐬𝐭: 𝐓𝐡𝐞 𝐆𝐫𝐨𝐮𝐧𝐝𝐰𝐨𝐫𝐤 𝐨𝐟 𝐄𝐧𝐝𝐮𝐫𝐢𝐧𝐠 𝐂𝐥𝐢𝐞𝐧𝐭 𝐑𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬𝐡𝐢𝐩𝐬

In the financial services domain, trust is vital. Clear and ethical loan structures, open and honest communication enables strong borrower trust. Clients who trust their lenders are 2.5 times more likely to provide referrals. Trust is branding as business.

 

𝐈𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐂𝐥𝐢𝐞𝐧𝐭 𝐓𝐫𝐮𝐬𝐭 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐐𝐮𝐚𝐥𝐢𝐭𝐲

With accurate, clear, and up-to-date information, clients are able to make sound financial decisions. Communication is important because it reduces risk which explains the increase in referrals by up to 18%. Institutions should use the latest digital technologies to provide customized personalized information so that the clients stay informed and interested.

 

𝐎𝐯𝐞𝐫𝐜𝐨𝐦𝐢𝐧𝐠 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐭𝐨 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐀𝐝𝐯𝐨𝐜𝐚𝐜𝐲

Inefficient and disjointed communication is a great obstacle when trying to build advocacy. Lenders need to implement integrated CRM systems along with data-led interaction models to consolidate client communications so that the borrowing process is painless.

 

𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐂𝐥𝐢𝐞𝐧𝐭 𝐀𝐝𝐯𝐨𝐜𝐚𝐜𝐲

Trust, high quality information, and satisfaction is easily achieved and turned into vocal brand advocates by financial institutions towards borrowers. Those excelling in this area will enhance client loyalty while increasing referral-based business in the changing world of finance.

 

𝐏𝐫𝐚𝐤𝐚𝐬𝐡 𝐁𝐡𝐨𝐬𝐚𝐥𝐞

𝐁𝐁𝐆 𝐞𝐁𝐫𝐚𝐧𝐝𝐢𝐧𝐠 𝐆𝐫𝐨𝐮𝐩