How did effective customer service increase new, repeat and referred business during FY2023?
At Cherry Lending & Finance, our commitment lies in prioritising exceptional customer service. In the fast-paced world of business, service quality can take a backseat. However, we are resolute in our goal to stand out. Our guiding principle, “no update is an update,” underscores our belief in the important role of communication in delivering great service.
Our communication skills are a cornerstone of our client retention rates. We take pride in the numerous referrals that flow through social media platforms, particularly Facebook, where satisfied clients generously spread the word about our customer service. Every great review is greatly appreciated by us.
In 2023, we went the extra mile for our clients. When interest rates rose after COVID, every client, no matter how long they’d been with us, received a video by email advising them that we would be conducting a review for them.
We advised them that we would look at getting them an interest rate reduction on their current home loan. If that was not possible then we promised to look at other options for them. We wanted to make sure our clients knew we had their backs. This not only solidified our existing client relationships but also attracted new business.
Our commitment doesn’t have an expiration date and we always let our clients know about anything that could affect their mortgage. We are all about a customer-first approach, from start to finish and beyond. We do what we say and will always go the extra mile for you.
Describe your point of difference/unique selling points when servicing the needs of borrowers.
At Cherry Lending & Finance, we bring a unique and more compassionate approach to our business, which sets us apart from the stereotypical stance many other brokers in this industry adopt. We believe that the natural nurturing qualities often associated with women should be an integral part of our services. Through exceptional customer care and effective communication, we aim to provide our clients with a refreshing experience that sets us apart from others.
We stay connected with our clients through our active presence on social media. We share weekly videos and informative content to keep both current and potential clients well-informed. We’re committed to being with you throughout your entire journey, regardless of where you are in that process.
To empower and educate our clients, we offer free resources such as fact sheets and guides, helping them better understand the industry and their unique situations. We continually update our blog with valuable information, including articles like “How to pay off your mortgage quicker” and “How to prepare for a home loan application.”
At Cherry Lending & Finance, teamwork is at the core of our operation, and I take great pride in my partnership with my colleague, Katie Bron. Besides our outstanding customer service, our most distinctive feature is our dedication to educating as many people as possible. In our view, knowledge is the ultimate source of empowerment.
What has been your greatest achievement in increasing your customer service/satisfaction capabilities during FY2023?
Recently, as interest rates began to rise, we took proactive steps to reassure our clients. We sent out a video via email to convey our commitment to their well-being. At Cherry Lending & Finance, our clients are our top priority, and we wanted them to know they were in good hands. As an added gesture, we provided them with access to a budgeting spreadsheet tool to help alleviate any financial concerns.
Despite a period when many brokers witnessed customer attrition due to tempting cashback offers from other financial institutions, Cherry Lending & Finance maintained a low run-off and a high client retention rate. We achieved this by negotiating competitive interest rates for clients who couldn’t or didn’t wish to refinance and successfully refinancing those who desired it. Most importantly, we maintained open lines of communication with all our clients during this challenging period, ensuring they felt well-cared for.
Another noteworthy achievement this year has been the increased number of referrals we’ve received, primarily through our active presence on social media platforms, especially Facebook. We’re thrilled to see our satisfied clients sharing their positive experiences with others.