The importance of transparency with customers

The importance of transparency with customers: “If you want to build trust with your clients, you have to be open with them”

In a recent interview with Australian Broker, Head of Intermediaries at Suncorp Steven Degetto, discussed how the lender relies on mortgage brokers to bring new customers to the business and also described the role that transparency has played in this.

Mr Degetto described how Suncorp has made transparency a policy. “Over 15 months ago we actually put all our service levels at every stage during the processing timeframe right through to documents being returned through to settlement transparent for brokers to see on the website. They can make a decision on whether that timeframe will meet their customer’s needs.”

This transparency has played a part in demonstrating to brokers how effectively Suncorp can turnaround a loan application and has helped to build the outlet’s relationship with brokers.

How can transparency play a role in your business?

Being transparent put a human face on your broking activities, reducing the formal business side of things and allowing you and your customers to deal with each other as people.

Transparency can be as simple as explaining that major lenders have a glut of applications right now and that getting loan approval is taking longer than usual.

In some cases, transparency may mean owning up to a mistake.

Nobody likes to do this, but it is a far more powerful alternative to trying to make excuses and cover up for things that have gone wrong.

A simple explanation of what has caused a delay or a stuff up can go a very long way.

If you have made a major error that has cost your client, you should feel able to apologize (and hopefully your insurance will cover you).

Transparency is important for building trust between you and your client.

It will also encourage them to be transparent with you and not hold back any small details that may hinder their loan application.

Of course, transparency doesn’t mean sharing sensitive documents with the wrong parties or sharing classified information, but generally speaking this tactic should serve to strengthen your client relationships.

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