Key Questions to Ask When Selecting a Primary Loan Servicer
For many businesses, providing a superior level of service to customers requires additional time and resources that, frankly, they often don't have. Still, if you have the means to make customer service a priority, doing so can help you outpace your competition, elevate your brand and accelerate your company's growth.
Here's why:
- Acquiring a new customer costs businesses 5 to 25 times more than retaining an existing one. [1]
- Your chances of selling to an existing customer are 60 to 70% compared to just 5 to 20% for new customers. [2]
- 97% of consumers acknowledge the significant impact of call centers on brand loyalty, particularly for high value purchases. [3]
Stats like these are not lost on today's organizations, which are increasingly partnering with third-party loan servicers. When incoming calls, emails, chat inquiries and omnichannel customer interactions become a significant burden on daily operations, securing outside support enables you to gain the advantages that come from providing excellent customer service faster, and at a fraction of the cost of hiring and training additional staff.
Finding the Right Loan Servicing Partner
If the time has come for you to partner with a third-party loan servicer, here are some questions you should ask to help you find the right one for your business:
What Are Your Quality Assurance Processes and Real Time Monitoring Capabilities?
Review the vendor's guidelines, training materials, and advanced analytics capabilities. Verify that all interactions are recorded and monitored using modern quality assurance software.
What Security Measures and Compliance Frameworks Do You Implement?
To keep data protected and properly stored, state of the art security technologies including encryption, multi factor authentication, and role-based access controls are essential. Ask about their disaster recovery plan, data backup capabilities, and compliance with regulations like GDPR and industry specific requirements.
What Are Your Core Competencies and Omnichannel Capabilities?
Look for expertise that matches your company's goals for outsourcing while ensuring they can deliver seamless omnichannel support across voice, email, and text. Your ideal provider should demonstrate deep capabilities in customer experience management, personalized interactions, and the specific areas most important to your business.
Can You Scale with My Company Needs Using Cloud Based Infrastructure?
Ultimately, you want to accelerate the growth of your business, so make sure the vendor can expand their level of service using flexible cloud-based platforms. Look for providers who can quickly scale teams, adjust hours as your needs change.
What Makes Your Services Different from Competitive Offerings?
Look for distinct advantages that set the vendor apart, such as advanced AI integration, industry specific expertise, or specialized technology platforms. Determine if they offer analytics, voice biometrics, or experience with your industry's compliance requirements that can provide added value to your customer experience strategy.
Can You Handle My Company's Specific Industry Demands and Provide 24/7 Multilingual Support?
Find a primary loan servicer that knows your business segment inside and out and can comfortably handle all your industry specific needs and regulatory requirements. With the growing demand for round-the-clock customer support and global market reach, ensure they can provide 24/7 multilingual support across different time zones using a global talent pool.
Given the many advantages of hiring a primary loan servicer, choosing one is a decision that shouldn't be taken lightly. More than merely a vendor, they will be a key partner as you continue to elevate customer service throughout your organization. With the global call and contact center outsourcing market projected to reach $172.77 billion by 2030[SC1], [4] the landscape is evolving rapidly with new technologies and service models. What better way to find out if they can handle the complex needs of your modern business than with strategic and well thought questions like these.
About VERVENT
At Vervent, we service billions in assets across a variety of asset classes and product types with precision and speed. As an experienced behind-the-scenes partner, we expertly manage consumer loan and lease portfolios so that our clients can focus on their business’ core competencies.
To discuss how Vervent can help maximize portfolio returns across a variety of asset classes, visit us as Vervent.com send us and email at Solutions@Vervent.com.
[2] Outbound Engine
[3] Unity Connect