A new study has found the best website for customers considering a home loan belongs to a Westpac-owned mortgage manager RAMS.
Released by Global Reviews, the Home Loans Industry Digital Marketing & Sales Effectiveness Report observed 413 ‘in-market’ consumers in November 2014.
The report tracked each customer’s experience across four key stages during the consideration phase of a home loan: initial engagement with the website, an introduction of options, an evaluation of options and the facilitation of decisions.
RAMS was the best performer across all four, followed by ING Direct, St George Bank and ANZ.
Global Reviews regional commercial director, Che Carbis said its vital home loan websites are kept at a high standard.
“If consumers can’t see a solid reason to pursue their research with a brand, they soon move onto the next website,” he said. “On average, one in six consumers move to the next home loans website if they encounter a problem.”
The report indicated 47 per cent of customers would shortlist a brand if they had good interest rates or offers available on their website, while 30 per cent said they would shortlist if the website helped compare options.
Of those surveyed, 29 per cent said they would shortlist if they trusted the company, while the same amount said they would shortlist if the website helped them find products and services quickly.
“Brand awareness and loyalty can only go so far,” Mr Carbis said. “Our research shows it needs to be backed by a website that’s easy to use.”
Mr Carbis noted of the big four banks, Westpac suffered the most, losing 82 per cent of potential costumers between shortlisting consideration and final preference.
“Of those who had considered Westpac, NAB stole away 30 per cent and Aussie, another 15 per cent,” he said.
“Lenders need to continually understand what is important to consumers and assess how they currently compare against their key competitors in meeting these needs.”