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28th March 2018

Technology v People?

We have noticed a spate of on-line mortgage brokers changing their business models recently which prompted  us to think about how we use technology to attract and retain our clients, when it works – and when it doesn’t. Statistics show that it costs approximately five times more to acquire a new customer that to retain an existing one which is certainly food for thought and would indicate that personal service still remains key. In our industry engaging a wider market through the internet alone can be difficult despite Facebook, Twitter, Google and other social media platforms providing seemingly endless opportunities to do so, at a perceived low cost.

Pay per click/view models commonly used to attract “new clients” are difficult to utilise effectively unless money and time are not restrictive factors. Financially related keywords come at a premium and there is often an assumption that social networks are the correct locations for engaging with customers about financial products. However, it is worth noting  that the adverts of on-line brokers and so called robo-advisers often provoke some brutal and unforgiving feedback, both about these companies and as a result, financial services in general.  This prompts the question, are they providing that all important peace of mind when for many a mortgage still remains the biggest financial outlay they will ever have?

Technology certainly has a very important role in our business, particularly when linked to CRM (customer relationship manager) systems that prompt automated reviews tied into an integrated diary – thus offering transparency for clients as well as efficiency. Nothing gets missed and clients can be sure that their mortgage requirements, alongside any need for associated protection and insurance products, are reviewed and re-assessed regularly to reflect ever changing financial circumstances today.

We concluded that despite the continued advance of technology today, here at The Finance Roome we believe that personal service is still key and provides the essential peace of mind that can only be achieved by human interaction.



That face to face meeting or indeed telephone contact, whilst often perceived as “old fashioned” seems to be the preferred option for most clients today and is at its most efficient when paired with technology rather than replaced by it!

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