When evaluating vendors to outsource lender services such as real estate tax monitoring, you’re likely focused on the nuts and bolts of the service you’re outsourcing: process, quality, pricing, etc. But it’s important not to forget the service and support experience you’ll be getting.
Different lender services companies offer different levels of support, so this is an important factor to investigate before partnering with a new vendor. (And if you already outsource lender services, but aren’t satisfied with your service experience, know that there are better options out there!)
In this blog, we’ll review some of the service/support aspects to look for when researching a lender services company, to ensure you partner with a vendor who will support you at all times and make doing business easy.
A key marker in any excellent support team is how responsive they are when you contact them with a question or concern. Find a vendor that answers calls immediately, and resolves any issues within one business day.
Further, ask about their follow up. For instance, if there is a mix-up with a tax agency or a technology issue, do they simply resolve it? Or do they dig into the root cause, to ensure a similar problem doesn't recur in the future?
Net promoter score (NPS)
A net promoter score is an excellent measurement of customer satisfaction and loyalty. The best companies around the world consistently measure their NPS and make changes based on customer feedback. Ask each vendor you evaluate what their NPS is (assuming they measure this metric).
An NPS score can range from -100 to 100. Above 0 is considered good, meaning that the majority of your customer base is loyal. An NPS score above 50 is considered excellent, and scores above 70 are considered world-class, with few companies achieving that level of customer satisfaction and loyalty. Learn more about net promoter score and how it relates to financial institutions here.
Regular, proactive communication
A great support experience involves addressing questions and issues quickly, professionally and accurately. However, proactive communication from your lender services vendor is also beneficial. Find out how often a potential vendor reaches out proactively to each customer, to introduce new features, answer questions and ensure high satisfaction.
Your first interaction with a new vendor is the implementation process, so you’ll want to learn in advance exactly what it entails. For instance:
- Who handles the majority of the work?
- Do you have a dedicated specialist guiding you through the process?
- Is there flexibility to tailor the implementation process to your needs and timeline?
- Does the vendor have experience with your core system?
Make sure you don’t neglect this critical part of the support experience when evaluating lender services companies. To learn about Info-Pro’s implementation process, including frequently asked questions, take a look at this information sheet.