POST SETTLEMENT FOLLOW UPS
You have nurtured your client through the whole loan application process and built a good relationship with them throughout that process. It is important to continue with post settlement interactions to continue to build on your existing rapport with the client.
Good interactions and follow ups with your existing client base, is more cost effective because you already have these clients in your CRM, you just need to reach out to them and stay connected.
You need to be proactive with your follow ups to keep that client for life.
Some follow up suggestions are outlined below, try to incorporate them into your existing process where possible, to help encourage ongoing relationships with your clients.
Straight after Settlement
Call the client to congratulate them on the settlement of their loan.
Email and thank, the solicitor, real estate agent and or referrer and don’t forget to ask for more referrals.
Email the client and ask for a personal review of your services, provide them with a link to your Facebook or google review and don’t forget to ask for a referral to a family member or friend.
One week after Settlement
Phone client to confirm that the loan has been set up as submitted, all additional products have been set up and linked to the loans as required.
Client has access to internet banking.
Client has made their first loan repayment without any issues (if paying weekly).
Answer any of their questions, rather than them going to the branch directly. You want to keep the connection with our client.
Prepare regular post settlement follow ups, use automation, like Customer Care
workflow where possible to touch base with your clients.
Send out thank you card/gift to the clients, again ask for referrals and or review.
Add client to all marketing newsletters where applicable.
1 Month Follow Up
Call or email clients, or have admin make the follow up to see how things are going.
Create a Customer Care workflow task for this follow up action.
Check the client has made their first loan repayment without any issues.
3 Month Follow Up
Call or email clients, or have admin make the follow up, to check in with them.
Create a Customer Care workflow task for this follow up action.
Mention other services that you can offer like Honey Insurance, Smart Select etc
Now that they are in a new home, they could be accessing other needs, like upgrading their motor vehicles. You can assist with that, we have a number of Consumer Finance Lenders on panel.
6 Month Follow Up
Email the clients as a general follow up and include an updated suburb/property report on their property.
12 Month and subsequent Follow Up
Email the clients for a 12mths Home Loan Health Check for a product and rate review along with and updated property report.
Provide a market update.
Continue follow ups and ensure that you have workflows or tasks in place to remind about Fixed Rate expiry dates and or Interest Only expiry dates. These types of follow ups should be a minimum of 6 weeks prior to the expiry of these loans to give time for discussion and look at options.
Something to consider
It has been suggested that if you have 100 home loan clients, you could also have access to:
150 car opportunities, clients update their car in general every 4-5 year
300 insurance policies – home & contents, landlord, car etc
20% will be self-employed with various business or commercial funding requirements
20% will have teenagers ready for their first financial transaction
20% will have or be considering an SMSF
10% will have a personal loan
Disclaimer: This information is current as at the time of each QRG publication. It is a general information guide only.