Trust is at the core of the lending industry. Yet when it comes to building trust, lenders still face an uphill battle. Recent statistics show that trust in the lending industry has been declining in recent years. In fact, according to a 2018 Trustpilot survey, 45% of consumers have less trust now than they did five years ago.
Trust in the finance industry has been declining in recent years
- 30% of consumers feel the finance industry is "not trustworthy at all"
- 50% of consumers feel that the finance industry is "somewhat or a little trustworthy"
- 20% of consumers feel that the finance industry is "very trustworthy"
The state of trust: 1 in 2 consumers consider finance companies “a little trustworthy,” “not trustworthy at all,” or “untrustworthy.”
But it's not all bad news. The fact is, this trust gap in the finance industry represents a challenge, as well as a massive opportunity, for lenders. The opportunity lies in reimagining the real estate experience—through greater transparency, exceptional service, and increased value.
The big question is: Will lenders take advantage of the opportunities to build greater trust with their clients?
What's important to consumers when choosing a lender
As it turns out, costs—while important—are not the most important factor when choosing a lender. Consumers rank a lender's reputation and level of customer service even higher. So, how do consumers go about choosing who they want to work with?
- 55.9% go by a company's reputation
- 55.8% want quality customer service and support
- 40.9% factor in the cost of services
- 27.9% value convenience of use
As these numbers show, there’s a lot riding on your reputation and ability to provide great service. A big part of a lender’s service is providing accurate costs and fees so there are no unwanted surprises at closing time.
Overall, 55% of consumers chose “reputation” and “customer service and support” as the top factors for selecting a financial partner.
How do customers research your business and reputation?
Gone are the days when people go to friends or family to get a recommendation for a lender. Nowadays, customers are far more likely to go online to sites like Yelp and Google and read peer reviews about your company. This means what customers say about you matters—a lot.
How customers learn about your business
- 41.9% look at third-party reviews (Yelp, Google, etc.)
- 19.1% go to a company's website
- 16.4% check traditional media (newspapers, online publications, etc.)
- 14.3% ask family and friends
- 8.3% use social media
More than 4 in 10 consumers look to third-party reviews to research a company's reputation and trustworthiness. Does your business have the right ingredients to boost customer confidence, trust, and loyalty?
You can increase your trustworthiness.
The good news is, there are many ways you can increase your reputation and trustworthiness with customers.
We believe greater trust is achieved through a combination of technology, robust pricing, and human support all working together to create greater transparency, lower costs, and superior service for your clients throughout the home-buying process.
Some of the most powerful ways you can build greater trust are practical and straightforward to implement.
They include:
#1: Fully transparent advice
#2: Closing costs with no hidden fees
#3: Guaranteed costs from the first meeting
#4: No setup, monthly, or hidden fees
#5: Everything in one place, always
Are you missing out on any of these opportunities?
Overcoming the trust gap can be achieved. With the right tools, technology, and advice—you can build greater trust with your clients and put them back in control of the home-buying process.
Creating the bridge to trust starts now
Download our ebook The 5 key things lenders miss out on to build trust with their clients to learn how you can bridge the trust gap and build stronger relationships for the long haul.
“Navigating Consumer Trust in the Finance Industry,” 2018, Trustpilot
