The summer tends to be one of the quietest periods for moving house. School holidays and taking a vacation tends to take priority. Yet, according to Quality Conveyancing at Shulmans (QCAS), the past fortnight has been the busiest period for mortgage transactions in the last five years. But the anticipated rate hike (perhaps now due early 2016) is leaving many borrowers feeling anxious.

What can lenders do to appease current customers and attract new business?

There’s little they can do about the rates themselves - when the rates go up, they go up for all lenders. One of the ways to avoid passing on the brunt of the rate hike to the customer, is for lenders to invest in technologies that enable them to become more efficient. For example, lenders must modernise their existing infrastructures and instead, look to invest in more flexible, compliant platforms. A Software-as-a-Service (SaaS) based approach can add real value when it comes to regulation and creating more efficiency across the business. Moreover, it allows lenders to be more agile and thus, enables them to respond to customer demands and market changes quicker than ever before.

Importantly, lenders must also do more to differentiate themselves from the crowd when it comes to digital innovation. We know that today’s tech-savvy customers crave personalisation. They want bespoke services and engagement, based on real-time customer data. Using big data and analytics, lenders can truly get to know their customers’ wants and needs and therefore, make intelligent suggestions, retain and win new business.

In summary, lenders cannot avoid the rate hike but there are things they can do to keep customers happy and attract new borrowers. Only by taking a modern and digital approach to IT can they potentially dodge any unnecessary challenges that come with inevitable increases, and grow their respective businesses