"People are still struggling, and lifelines are running out. The view through the window has changed dramatically for almost everyone, so why are we still asking them to look through it?"
In this week’s blog, Eligible Sales Director, Sam Harhat discusses how Eligible’s technology is poised to transform mortgage servicing for UK banks.
The Status Quo
Mortgage servicing has traditionally been, for lack of a better term, analogue: easily interrupted and inflexible. When it comes to customer journeys, the lifecycle of a mortgage is largely ignored until it’s time to renew, at which point customers receive a letter through the post. In short, today’s “transactional” servicing leaves both consumer and lender with an incomplete picture.
This lack of visibility and engagement makes it very difficult to identify struggling customers and offer a lifeline before they’re in crisis.
You know the cost of food has doubled in the last year.
You also know that mortgage payments have increased, on average, by £700 a month.
But do you know how your mortgage customers are coping with the huge rise in outgoings? What about those who are eating into life-long savings just to keep their heads above water? Do you know what information they need to keep them from harm?
Eligible do.
Mortgage Servicing is not Trasactional
Every day, people balance their mortgage payments against other priorities. Navigating homeownership is complex, and at Eligible, we believe that there is no one-size-fits-all approach. We’re certain that personalisation is the key to empowering mortgage holders, providing nuanced and dynamic journeys for every customer based on their needs and circumstances. Personalised engagement and education are at the heart of Eligible’s transformative mission, harnessing the power of data analytics and cutting-edge technology for better outcomes.
Our initiatives are not merely about providing information; they embody a deeper commitment to promoting financial literacy at scale. By democratising access to essential financial knowledge, Eligible is levelling the playing field and ensuring all customers, regardless of background or experience, have the tools they need to make informed decisions.
Transformative Outcomes
The impact of Eligible’s personalised engagement extends far beyond individual borrowers. Eligible is driving positive outcomes for consumers and lenders. From reduced default rates to enhanced customer satisfaction and retention, Eligible’s initiatives are reshaping the mortgage servicing landscape for everyone.
