We spoke to Jess Rushton, Head of Business Development at Smart Money People about their most recent Mortgage Lender Benchmark report, the record score achieved across the lending community and the value of reviews.
Please can you give us a brief overview of Smart Money People, your role there, and a little bit about your background.
Smart Money People is the UK’s most comprehensive financial services review site, committed to improving outcomes for both consumers and financial services companies. We gather and share consumer experiences to provide insights that help businesses enhance their services and grow. Additionally, we conduct the bi-annual Mortgage Lender Benchmark study, which evaluates the mortgage industry's status based on brokers' perspectives. Our latest edition, H1 2024, marks the twelfth iteration of this study.
As the Head of Business Development, my role focuses on identifying new business opportunities and forming partnerships to drive the company's growth. My ultimate goal is to expand Smart Money People's reach and influence in the UK, ensuring that we continue to be a trusted source of information and advice for our users.
Regarding my background, I began my career on a graduate scheme at a car rental company before moving into a junior marketing position at an insolvency practice. Missing the interaction with external clients, I transitioned to a business development role covering Yorkshire and the North East, where I worked for four years. Subsequently, I joined the UK's fastest-growing investment company, collaborating with numerous impressive businesses.
In December 2021, I eagerly joined Smart Money People to establish their business development team within an exciting and rapidly growing fintech environment.
What were the main findings of the H1 2024 Lender Benchmark Study?
The bi-annual independent research study found that the overall average lender rating was 83.7%, which is up 0.8% on the last six months of 2023 and was the highest ever recorded.
All sectors (bank, building societies, lifetime and specialist) saw an increase in scores with building societies again the highest scored sector (85.7%) with lifetime lenders just behind at 85.5%.
The average Net Promoter Score (NPS) for all lenders improved by 6.5 points on the H2 2023 figure at +38.7, again the highest in the 12 studies so far conducted. Scores ranged from -83.6 and +84.4 for the lenders in the report.
Atom Bank was named the best bank by brokers, while Principality Building Society was named the best building society lender. The best lifetime provider was Pure Retirement, the best buy-to-let lender was InterBay and Pepper Money was recognised as the top specialist lender.
The rise of building societies becoming more specialised in their mortgage offerings is very apparent I the mortgage trade press, what feedback did you receive from brokers about this particular sector?
Feedback from brokers about the sector of building societies becoming more specialised in their mortgage offerings has been overwhelmingly positive. Brokers have highlighted that building societies have cemented their position at the forefront of the mortgage market by delivering unparalleled satisfaction. They particularly excel in customer service and system efficiency, setting a high standard for other lenders.
While lifetime lenders have made significant strides and come close in satisfaction ratings – trailing by only 0.2 points and surpassing in Net Promoter Score (NPS) – building societies still dominate. This dominance underscores their commitment to exceptional service delivery.
The marked improvement in overall satisfaction ratings for building societies, compared to the relatively small increases experienced by banks and specialist lenders, can be attributed to their superior communication, online tools, and system efficiencies. These enhancements are critical in a market where speed and ease of criteria are paramount, making building societies a preferred choice for brokers.
You were recently recognised as one of the mortgage industry’s Elite Women of 2024, what achievements do you believe helped you win such an accolade and what does it mean personally to you?
I believe my recognition as one of the mortgage industry’s Elite Women of 2024 stems from several key achievements. Twice a year, we publish our Mortgage Lender Benchmark report, which features many of the most well-known lenders and provides an in-depth analysis of the mortgage market. The judges acknowledged my efforts in communicating the value of our Mortgage Lender Benchmark to featured lenders and providers, ensuring they benefit from the report's insights. The latest H1 2024 report, representing 111 lenders and including responses from over 950 brokers, is now the industry's largest broker feedback survey.
Additionally, Elite Women recognises contributions beyond the workplace. I actively raise awareness and fundraise for the charity ‘Lady Talk Matters,’ and advocate for better women's health provisions through my Instagram account. I even completed the London Marathon last year to further support my fundraising efforts.
On a personal level, being recognised for this accolade is a significant honour. It highlights the impactful work the Smart Money People team is doing in the mortgage industry. With over ten years of experience in financial services, I've been inspired by many other 'elite women' along the way. We’re excited about making an even bigger difference in the market in 2024, leveraging our unique insights to help lenders and brokers deliver the best service for homeowners across the country.
Why do you feel that actively seeking customer reviews is so important?
Actively seeking customer reviews is crucial for several reasons. Firstly, reviews play a significant role in shaping our buying decisions across almost all aspects of our lives. Our research indicates that 84% of customers trust reviews from other customers, highlighting the immense influence reviews have on consumer behaviour.
Moreover, reviews help build trust and credibility for a company. They offer social proof that a product or service meets customer expectations. Encouraging and managing reviews can enhance a company’s reputation, making it more attractive to potential customers.
Additionally, reviews provide valuable feedback that companies can use to improve their products and services. It’s surprising that many firms either don’t encourage customers to leave reviews or lack robust processes to fully utilise the feedback from those reviews. By actively seeking and responding to reviews, both positive and negative, companies can identify areas for improvement and address customer concerns promptly.
In summary, actively seeking customer reviews is essential for building trust, influencing purchase decisions, and continuously improving customer satisfaction. Companies that effectively manage and respond to reviews can maintain a strong online reputation and foster long-term customer loyalty.
