In a market primarily driven by interest rates, banks need to deliver excellent customer experience and show their customers that they value them to build loyalty and increase retention.
However, the experience customers and prospects were having just wasn’t good enough and they were voting with their feet. Faced with these alarming facts, Westpac needed to make some changes.
To better understand their customers’ needs and the pain points they faced, Westpac undertook research and rigorous customer experience mapping from the time of home loan application to paying off their loan to understand the pain points. Some of the painpoints uncovered included complexity of process, no proactive communications until end of term and errors with first repayment.
Furthermore, it was identified that while the home loans market is driven by interest rate, there is an opportunity to differentiate by adding value and driving customer confidence through great experience.
The Home Ownership retention programme takes a different approach to the often transactional and tumultuous home loans journey, complementing Westpac’s personal lenders’ direct relationship with customers. Its purpose is to create a consistent and inspiring home loan experience throughout the lifecycle for all kinds of customers across all channels and touchpoints. Ultimately giving home loan customers the confidence to act on their property ambitions; helping them feel they’ve made the right decision in choosing Westpac.
After ten months, the programme has contributed to an overall reduction in churn and customer satisfaction has increased with NPS improving.