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Survey Finds 28% Are Making Payments Online.
New Orleans -- Amplified Web interaction with customers due to a tighter mortgage market and the need to reduce operating costs is helping servicers optimize service quality, increase customer satisfaction and retention levels within their online customer base.
Findings by a recent J.D. Power and Associates, Westlake Village, Calif., study presented at the Mortgage Bankers Association's National Mortgage Servicing Conference here show an important change in client attitude.
In 2007, the number of customers using online payments increased to 28% of all customers. Meanwhile, even though customers who continue to make payments by mail represent the highest overall percentage, use of this option has been decreasing. Only the number of customers automatically deducting their monthly mortgage payments by their bank remains constant.
As billing trends "continue to move away from the traditional payment coupon book and toward electronic options," according to the 2007 Primary Mortgage Servicer Satisfaction Study, customers who receive billing statements electronically "have the highest satisfaction."
The overall customer satisfaction index (varying from 0-1000) is at 840 for customers who receive their bills via e-mail or other online notification (or 10% of all customers), compared to 792 for those who receive statements in the mail (which still represents the largest group or 64% of all customers) and 782 for customers using payment coupon books.
The trend is credited for higher customer retention levels among this group and as importantly for servicers, lower online servicing costs. The study indicates "leveraging electronic customer communication capabilities" is one of five key practices that ensure the highest customer satisfaction experience. According to Tim Ryan, senior director at J.D. Power and Associates, who was one of the panelists of the conference, higher online interaction has resulted in a steady increase of customer satisfaction from 2006 to 2007. The study shows a direct link between online interaction and customer satisfaction. It found that when it comes to payment ...
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