The call comes after the results of an NOP survey into customer satisfaction, which revealed marked differences in customer satisfaction levels for traditional mortgages, offset accounts and Virgin One account customers.
Scott Mowbray, marketing manager at the Virgin One account, comments: “Satisfied customers are what best advice is all about and it is reassuring to see the all-in-one account model delivering great customer satisfaction. The research has shown that satisfied customers need more than a low interest rate to keep them happy.”
He added: “Many lenders put too much focus on price and selling individual products rather than delivering the automatic benefits of all-in-one mortgages. The result is that they acquire expensive business, using discounted pricing methods and unsatisfied customers who are more likely to churn and be churned.”
Frank Eve, managing director of Frank Eve Consulting commented: “The results show that when the concept of integrated savings and borrowing is understood by the customer he/she becomes less likely to change their product provider and therefore are a much more profitable customer for the lender or bank.”
