Bradford and Bingley
Battling to retain mortgage customers reaching the end of their fixed rate mortgage term, the company expected to lose millions of pounds worth of mortgage accounts and accompanying insurance sales income.
- A highly competitive marketplace where low introductory rates could not be sustained.
- Increasing pressure to retain mortgage customers long-term to generate a predictable income from these accounts.
- Previous attempts to retain mortgage customers by post and telephone hadn’t delivered any worthwhile return on the company’s investment.
Summit monitored the telesales team’s outbound, customer retention calls to understand their approach and analyse its effectiveness. Following the submission of our findings, the Operations Director appointed Summit to lead its customer retention efforts. Client improvements included:-
- More than 75% of the customer mortgage accounts the company had resigned itself to losing, were retained for a further 2 year term.
- The company implemented a completely different way of attempting to retain customers within its mortgage and insurance business.
- A more emotionally intelligent, collaborative method of approaching and serving customers to deliver a genuinely win-win relationship.
- The company saved many thousands of pounds allocated for traditional mailshots by implementing our unique telephone customer retention model.
“My own, very high expectations of Summit have been exceeded and the outcomes achieved by the project team have been outstanding. Summit is unique in its approach and ethical in terms of committing to achieve measurable improvements in performance. A refreshing change from many other training companies who shy away from remaining accountable”
Operations Director, Customer Relations & Direct
Bradford & Bingley Plc
Posted by on November 5, 2014
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