SAN FRANCISCO – Choosing a mortgage company is massive decision for homebuyers, especially considering that they will be tied to that company for at least fifteen years. With that in mind, WUA took a first-ever dive into the US market for mortgages with a comprehensive customer experience benchmark study to get an understanding of how consumers search and select a mortgage. The winner? QuickenLoans.com, finishing with a digital sales score of 65. Below the complete Digital Sales Score rankings you will find our additional insights into the online market for mortgages.
Digital Sales ScoreName study: Home MortgageMeasurement: April 2018Country: United States
- 1 QuickenLoans.com 65
- 2 LendingTree.com 59
- 3 Zillow.com 57
- 4 Realtor.com 56
- 5 BankofAmerica.com 56
- 6 WellsFargo.com 54
- 7 Chase.com 54
- At the base of each Digital Sales Scan® lies the Digital Sales Model. With this model, the details of the orientation process are mapped. Eventually the performance of a website is reflected in a single, overall score: the Digital Sales Score.
- Highest total score
- Highest score on device
Aim of this study
The aim of the study is to precisely identify the digital experience of consumers when they search for a home mortgage. Who do they choose to buy from, and mainly: Why? Using a proven model WUA has worked on over the past eight years, we map out what it is exactly that consumers want, what the best practices are, and what the areas for improvement are. The websites of these companies were assessed by consumers in the study:
The 300 respondents in this study were given the following task: “Imagine you want to buy a home with your partner. Your situation is as follows: You both have a full-time job, earning a combined annual income is $60,000. The asking price for the property you want to buy is $225,000. You have saved up for a deposit, which totals $20,000. Go online to orientate yourself on mortgage options and providers. Go as far on the website as you can, but don’t actually arrange a meeting with an advisor and don’t actually request a quote.” Each respondent searched for a mortgage via a desktop computer.
Digital Excellence: Who gets the highest preference?
Normally when we conduct digital CX studies, the margin of victory between first and second place is narrow. This time around, QuickenLoans.com won by a long shot, with nearly 1 in 5 consumers in our study choosing the lender as their preferred choice for getting a mortgage. What makes this an extra impressive feat is the fact that with 42% of respondents finding them online, they were able to achieve an astounding conversion rate of 45%. Respondents were especially pleased with the tools that the website offered, with one respondent saying “They are very helpful and offer the most tools and calculators to help get the best mortgage rate and terms for my needs.” Overall, Quickenloans.com was found 55% more than the number two, LendingTree.com. Now let’s take a look at how the rest of the competition is doing in online market for mortgages.
Some of the quantitative findings of our study
The data we extracted from this Digital Sales Scan provides a snapshot of digital excellence within the US market for home mortgages. Let’s have a look at some of the findings:
- Quickenloans.com wasn’t the only who finished with a high rate of conversion. In fact, nearly every provider that was evaluated in this study had quite a high rate of conversion: Between 33% and 45%. This means that all the websites are doing a fantastic job of persuading the visitors they attract.
- In terms of customer experience, there are two players who are impressing customers: Zillow.com and BankofAmerica.com. The latter won slightly in the category Brand Perception whereas as the former had a better score for Look & Feel. Zillow.com also finished on top for the category order process, finishing with a score of 85.
- “IT was simple and easy to use and it provided the most products that fit my style and my budge.” -Respondent speaking about Zillow.com
- Interestingly enough, 43% of the consumers saw BankofAmerica.com during their orientation, but just 16% just visited the website. For Quickenloans.com, this ratio is 45% (seen) to 42% (visited).
- A perfectly functioning website is a simple way to win over customers. Respondents found no technical issues with LendingTree.com, which is why they got a fantastic score of 91 for the subject “No technical issues.”
- Out of the seven main websites to be evaluated in this research, Chase.com was found the least. Only 10% of respondents wound up on Chase.com. However, those 10% were impressed by the site’s professional look, giving them a score of 91.