This is the sentiment among mortgage industry professionals when it comes to the effectiveness of retention teams, which have been growing over the past few years as lenders seek a more proactive approach to managing customer relationships.
Retention teams are a relatively new concept in the banking and lending industry but they are quickly becoming the preferred method for many lenders as they strive to remain competitive in an ever-changing market. The purpose of a retention team is to maintain and develop relationships with current customers in order to ensure that they remain loyal to the lender, rather than moving their business to another lender.
Retention teams typically consist of experienced professionals in the banking and lending industries. These are individuals who understand the market, how to build relationships, and what services and products customers need. Retention teams are also responsible for monitoring customer behaviour, such as credit score or payment history, so that they can identify any potential issues with a customer's loan. The team then takes action to rectify the issue before it becomes a problem.
Retention teams can be very effective in building and maintaining customer relationships. They allow lenders to take a proactive approach to customer service and provide value-added services to customers. Additionally, retention teams are able to identify any early warning signs that a customer may be considering leaving a lender, so that they can take steps to address the issue.
Ultimately, a strong retention team is an invaluable asset for any lender. By utilizing the expertise and experience of the team, lenders can build strong relationships with customers, retain more customers, and ultimately increase their bottom line.
In summary, retention teams have become increasingly important for lenders in recent years as they seek to remain competitive in an ever-changing market. A retention team is typically composed of experienced professionals in the banking and lending industry who understand the market, how to build relationships, and what services and products customers need. The purpose of the team is to maintain and develop relationships with current customers in order to ensure they remain loyal, as well as to identify potential issues with customer loans and take action to address them. Retention teams have proven to be an invaluable asset to lenders, allowing them to build strong relationships with customers, retain them, and ultimately increase their bottom line.
This article was contributed on Nov 17, 2023