A business that doesn’t listen to its customers is destined to fail.
There are countless examples of businesses that failed to evolve with their customers’ needs. Blockbuster closed when it didn’t adapt to its customers’ desire to have their videos delivered to them. Borders shut its doors when it failed to take into consideration its customers’ growing interest in e-books.
The mortgage industry is no different.
Nobody knows better what consumers want than consumers themselves. The only way we’re going to find out what consumers want is by asking them.
That’s exactly what the National Fundation for Credit Counseling did when it conducted research for its 2015 Consumer Financial Literacy Survey, released earlier this month.
The survey found that 70 percent of Americans are worried about their personal finances, and it turns out, they have good reason to be worried. Among the survey’s respondents:
While this shows that many consumers are in financial trouble, the survey also found that consumers know how they can turn things around. One of the most important findings from the study was that three out of four adults – 75 percent -- said they would benefit from receiving advice and answers to their everyday financial questions from a professional. These are people who recognize that they don’t have all the answers, and they’re asking for financial education and counseling to give them the guidance that they need.
Not only does financial education empower people to make better choices and live more stable lives, but it is a key part of preparing people for homeownership. And the fact that consumers want it shows that it will not be a hard sell.
HUD-approved housing counselors and nonprofit consumer groups are best positioned to provide this advice because we have the staff, the time and the expertise to give consumers the personal attention and the guidance that they need.
Partnering with us to provide financial education not only makes good business sense, but your customers are demanding it.
Are you willing to answer their call?