Rebecca Jennings, senior client advisor at international benchmarking firm Global Reviews, provides a snapshot from a recent survey into how consumers make decisions when seeking a mortgage provider.
How do consumers discover brands when looking for a new mortgage provider? Then what prompts them regarding which brands to shortlist? And how do they make their final selection. The Global Reviews UK Mortgages Shortlist Report examines how users behave at each step of the journey. It also highlights where financial services brands are losing potential customers – and why.
Consumer work hard on their search
Users were asked to undertake research for a mortgage for themselves, doing whatever they would do if it were a real-life situation, but stopping short of completing a formal application.
On average, UK consumers spend around an average of eight hours researching a new mortgage provider, over a period of a week or two, with most (58 per cent per cent) of consumers doing over three quarters of their research online. They typically get three or four personalised quotations from different brands before making a final decision.