Close Brothers Broker Solutions survey reveals key insights into Broker preferences
We recently released the latest results of a comprehensive survey conducted among commercial brokers, shedding light on the factors that influence their choice of finance lenders.
The survey highlights the importance of personal contact, digital tools, and customer service in the decision-making process.
The value of personal contact
The survey reveals that personal relationships remain a cornerstone of broker-lender interactions. A significant 21% of brokers consider having a personal named contact at their finance lender to be very important, while 50% find it somewhat important.
This underscores the need for lenders to maintain a human touch in their dealings, ensuring brokers feel valued and supported. Only 25% of brokers view this aspect as not that important, and a mere 4% believe it is not important at all.
Embracing digital transformation
In an era where digital transformation is reshaping industries, access to a broker portal is increasingly crucial. According to the survey, 33% of brokers rate access to a broker portal to manage deals as very important, and 44% consider it somewhat important.
This indicates a strong preference for digital tools that streamline processes and enhance efficiency. Conversely, 18% see it as not that important, and 6% do not find it important at all. Lenders must invest in robust digital platforms to meet these expectations and stay competitive.
Key differentiators in choosing a finance lender
When it comes to selecting a finance lender, brokers weigh several factors. The survey identifies good customer service (16%), trust and experience from previous funding (15%), speed of service (15%), and cheapest rate (15%) as the top differentiators.
Additionally, recognised brand (14%), flexibility of terms (14%), and recommendation from a third party (11%) also play significant roles.
These findings suggest that lenders need to offer a balanced mix of competitive rates, reliable service, and strong brand presence to attract and retain brokers.
Defining good customer service
Customer service is a critical component of the broker-lender relationship. The survey highlights that availability after hours to respond to queries (19%) and expert knowledge of the customer’s industry (19%) are the most important factors determining good customer service.
Brokers also value the ability to self-service online (17%), the option to speak to a real person when needed (16%), having a personal named contact (15%), and the willingness to provide funding through all economic cycles (14%). These insights emphasise the need for lenders to be accessible, knowledgeable, and responsive to broker needs.
Commenting on the survey results, Richard Cameron, MD of at Close Brothers Broker Solutions, said: “These findings underscore the critical role of personal relationships and digital accessibility in the broker-lender dynamic.
"At Close Brothers Broker Solutions, we are committed to providing exceptional customer service and innovative digital solutions to meet the evolving needs of our brokers.”
Methodology
*All figures, unless otherwise stated, are from a Censuswide survey conducted in May 2024. The survey canvassed the opinion of 500 Commercial Brokers from across the UK on a range of issues affecting their businesses.
