Lenders could miss out on online sales

Lenders are in danger of missing out on millions of pounds worth of online sales by ignoring the requirements of online mortgage shoppers.

Research by Foolproof, the web usability company, shows lenders are failing to acknowledge needs and behaviours that typify online mortgage shopping. This results in what has been called a ‘crisis of relevance’, whereby shoppers are not able to find relevant sites or useful content.

Foolproof’s Online Finance Shopping Survey shows search engines are delivering results that distract potential customers. Online mortgage shoppers expect to find familiar high street brands when using search engines, in fact 61% think it’s important to buy a mortgage from a lender they have heard of. Instead, following their search engine’s recommendations, they are being directed toward broker and affiliate advertising sites they have never heard of.

Foolproof says their experience at these sites is usually underwhelming due to a lack of simple explanations, the inability to make comparisons and over-eagerness to collect personal details.