The Broker Experience Study carried out by Grey Matter Marketing Solutions, in association with Mortgage Strategy, found that overall, 54% of brokers said BDMs (business development manager) were vital, with a further 41% stating “when I need them, they are important.”
Only 5% said BDMs were not important.
There were a few differences between lender type, with BDMs of specialist lenders being seen as more vital than those of mainstream lenders, for example, at 62% and 54% respectively.
The study also highlighted how brokers want BDMs to interact with them, plus what was most important to them when it comes to technology and overall experience.
The findings were generated after a combination of quantitative and qualitative research, with 329 respondents, followed by 32 in-depth follow up interviews, conducted by Grey Matter Marketing Solutions.
Grey Matter Solutions director Jeff Knight says: “When it comes to BDMs, when you delve between the data and then speak to brokers, you can see that BDMs need to deliver a more personalised experience. BDMs are vital, but they must adapt now to meet the individual needs of brokers and not provide a one size fits all BDM experience.”
“In this study, every lender had brokers say their BDMs were fantastic and every lender had brokers say their BDMs were terrible. However, one BDM may be rated differently by different brokers. Using insight and CRM to deliver a more personalised experience is key now.”
Of all the lenders rated, Accord, Pepper Money and Newcastle Building Society generated best in class scores in their respective sectors.