UK banks failing customers in digital mortgage market

Three of the UK’s biggest mortgage providers have hit rock bottom when it comes to providing an easy-to-navigate online access point, according to research from financial experience design agency Dock9.

Be the first to comment

UK banks failing customers in digital mortgage market

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

In a report looking at the best and worst online mortgage experiences from 19 major lenders, Santander finished bottom of the pile with Nationwide and NatWest not faring much better.

The study, which assessed the user experience across 52 individual review points and real-world testing with 50 prospective mortgage buyers, also found that over half of the sample are ignoring mobile and tablet users by failing to design websites fully suited to these devices.

The mortgage application market is viewed as a classic niche entry point for a range of new fintech startups such as MortgageGym, Trussle and Habito, who are building sleek digital intermediary platforms to take the hassle out of searching for and signing up for a mortgage online.

Mark Lusted, managing director of Dock9 says: “Although the majority of mortgage deals are done via brokers through an intermediary site, the customer experience for the end-user is still a key differentiator that can help set lenders apart from one another. With the boom of robo-mortgage advisors beginning, it’s increasingly important for established lenders to invest in technologies to improve customer experiences.”

Barclays topped the charts among the UK's big high street lenders with a 95.05% user experience score, closely followed by Lloyds (91.83%) and TSB (91.15%). In the intermediary market, supermarket chain Tesco beat out its banking peers, scoring full marks for its "simple yet delightful site full of modern UI patterns".

Lusted adds: “Barclays and Tesco have clearly invested heavily in their mortgage UX, their attention to the small detail really pays dividends to the end user and their business.”

Craig Calder, director of Barclays Mortgages comments: “We’re really proud to see that the online access and experience for our mortgage customers has been highly rated. We understand that buying and selling a home is not always straightforward, however, we want the mortgage experience to be a stress-free process. We continually invest in technology that helps to make the customer journey easier.”

Sponsored [Webinar] Reimagine Banking: How to effectively modernise your core and de-risk at the same time

Comments: (0)

[Impact Study] Payment Fraud in 2024: Who is Liable?Finextra Promoted[Impact Study] Payment Fraud in 2024: Who is Liable?