As a mortgage adviser, you’ll be only too aware how mortgage clients expect fast and convenient communication. So, should mortgage brokers use live chat?

Live chat for mortgage brokers can be a true asset, as it’s a way of dealing with queries and questions swiftly and in real time, while showing potential clients you offer a responsive service. It can be an effective way to highlight your expertise and build their trust.

In this blog, we’ll look at more reasons for utilising live chat on your mortgage website and how to implement it effectively.

How does live chat work on mortgage advice websites?

Live chat is exactly that. An online chat where clients can access information instantaneously. It is customer service software that’s intuitive. It’s easy to install and for your team members to use.

A website visitor is already interested in your mortgage services. Prompt conversation with them using pre-set, automated messages, providing generic information to frequently asked questions. AI customer service chatbots can manage the everyday with instant replies to free your team up for focusing on conversing with prospects and clients and providing exemplary customer service.

We know that good customer service is all about meeting or exceeding expectations. With live chat working for you around the clock and it being unlikely you and your team will be doing the same, it’s good practice to lay out in advance how your live chat works. For example, the periods clients can expect a response from a human and how your live chat operates outside of business hours.

And it can connect with other tools you have in place to drive your mortgage business forward, integrating with platforms like WordPress and Mailchimp. Live chat also provides reports that give you important data which can help you shape your customer service delivery. And another feature is lead capture – crucial for growing and maintaining a steady flow of prospects.

Benefits of live chat for mortgage advisers

Benefits of live chat for financial services – specifically mortgage brokers – include:

Higher engagement
Faster response times mean connection. Once you and your prospective client have communicated with each other, you will have their interest. This will lead to improved client engagement.

Increased lead generation
Does live chat increase mortgage leads? It certainly can. Increased lead generation is possible as you capture visitor data in real time.

Enriched customer experience
No waiting around for responses means no distractions for clients, or time for changing their mind about wanting to talk to you in that moment. Fast and easy communication means they can reach ‘you’ at any time of day or night and negates frustration. It gives you the opportunity to answer their questions in real time and break down more complex mortgage matters clearly. And it enables you to show you know all there is to know about the mortgage market – that you are trustworthy. You can even provide guidance on the next steps they’ll need to take or what documents they’ll need to submit for their mortgage application. You can answer urgent application queries and communicate easily with them throughout the entire process.  

Potential drawbacks of live chat

Live chat may present you with a few challenges. For example:

Resource challenges
Managing live chat effectively can be difficult if you don’t have sufficient staffing resources. A good use of chatbots could help if this is an issue.

Poor user experience
If it is not well-staffed, live chat can give the impression you offer poor customer service – the very opposite of what you’ll be aiming to achieve. Again, leveraging chatbot assistance carefully can help you here.

Privacy and compliance concerns
Not everything should be discussed via live chat. With financial services being so heavily regulated, and for good reason – guidelines and regulations are in place to protect the user and you – live chat is not the place for private or personal information. Think of live chat as your digital front desk, rather than a space for consultations.

Have questions about live chat? Chat with WEBPRO Mortgage today for instant answers.

Does live chat improve mortgage lead conversions?

Live chat does improve mortgage lead conversions, as the following statistics show:

• 63% of clients are more likely to return to a website offering live chat than one that doesn’t.
• Live chat generates a 48% boost in revenue per chat hour and a 40% conversion rate improvement.
• 79% of businesses say implementing live chat has boosted customer loyalty and sales.

If you decide to install live chat, you’ll be in good company. Financial and mortgage institutions are increasingly turning to this method of communication. One example is Bank of America. Since Launching in 2018, their virtual assistant has reached an incredible 2.5 billion client interactions and is utilised by 90% of its employees, reducing the workload on their team.  

Live chat vs contact forms and other contact methods

The speed at which you can respond to a client or prospect is what differentiates live chat from other types of contact methods, such as forms and phone calls. Where it may take a while for forms to be dealt with, or callers to reach the right contact, with live chat it’s immediate.

How to implement live chat effectively

Establish how you’d like your automated responses to work and your chat availability hours, making the latter clear to your website visitors. For your automated responses, work out your most frequently asked questions and have your answers ready.

In the initial stages, limit your chat support. As you get more used to using live chat, you can adapt the service, as appropriate. Limit the number of chats an agent can work on at once to keep things manageable. It is possible to complete a mortgage through live chat alone, though if clients are going to upload proof of identity, bank statements and evidence of deposit, it is critical that your online platform is secure. If you would prefer to set things up so documents can’t be sent this way, that’s possible too. Live chat can work the way you want it to – just remember to keep visitors aware of what to expect.  

Recap: Website chat for mortgage brokers can be an incredible tool if managed well. It needs to be set up right from the start and potential clients and current ones need to know what they can expect from this service. Mortgage adviser customer engagement opportunities can be maximised as can mortgage website lead generation.

WEBPRO knows

According to a Zendesk study, 92% of customers feel satisfied when they use live chat, compared to other channels like phone, email, or social media.