The survey questioned 200 intermediaries and found that 45 per cent consider the speed of processing from application to offer as the most important reason for choosing a lender once suitable products have been identified. More than six out of 10 rated it as the most or second most important factor.
Next in importance, for 31 per cent of brokers, was the past experience of a lender. The online service was the third deciding factor, with 30 per cent citing it as an influencing factor. It was the only area to show significant increase in importance from past surveys, having risen from 19 per cent.
Tim Hague, director at BM Solutions, said: “The results from this survey very much mirror the regular feedback we receive from brokers. BM thrives on its partnership-based approach with the broker market. We know the importance of speed and five star service.”
Mike Fry, director of Halton Insurance Services, said: “People want things done yesterday, so if a lender is online then you can get a decision fast. Some lenders sites are brilliant and so easy to use that even a trained monkey could do it. But others are technically very difficult to navigate and, though the products are good, it is off-putting. People do not want to wait days to get a decision when they can get one in just 60 seconds.”
However, not all brokers saw these factors as the most important. Daniel Claydon, director of Claydon Associates, said: “I wouldn’t necessarily have said speed and experience were the overriding concerns. It’s the products that are most important. For me, the biggest factor has to be that the features meet the needs of the client.”
