Mystery Shops Uncover Hidden Trends in Mortgage Market and Consumer Finance

MARLBOROUGH, Mass.--(BUSINESS WIRE)--Competitor IQ – A Division of DALBAR Inc., a leading provider of innovative data intelligence solutions (www.ciqdata.com), today released findings that shed light on the intricacies of the mortgage market and consumer financial habits. Through our proprietary mystery shopping methodology, we uncovered data that goes beyond surface-level statistics, providing a deeper understanding of market dynamics.

Mortgage Rate Analysis Micro Study Highlights:

Our analysis of the mortgage market reveals surprising disparities between interest rates and customer satisfaction. Key findings include:

• Chase Bank leads with the lowest rates, offering 15-year fixed mortgages at 6.025% and 30-year fixed at 6.775%.
• Despite higher rates (15-year fixed at 6.2885%, 30-year fixed at 6.849%), Bank of America achieves a perfect Net Promoter Score (NPS) of 10.
• The distribution of 30-year fixed rates shows a wider variation (5.9375% to 7.3267%) compared to 15-year fixed rates, indicating more diverse options for long-term borrowers.

"This data paints a picture of a market where customer experience can outshine pure rate competition," notes Kevin Lam, Head of Data Intelligence, Insights and Innovation at CIQ. "Lenders who can balance competitive rates with superior service stand to gain significant market share."

Consumer Financial Behavior Insights:

Our Summer 2024 poll on consumer financial habits reveals startling gaps in negotiation practices across different financial products:

• While 61% of consumers negotiate car loan rates, only 39% do so for mortgages, indicating a significant opportunity for education in the mortgage sector.
• Only 34% of consumers negotiate business loan rates, suggesting a potential area for increased education and outreach.
• The low rate of negotiation for term deposits/CDs (13%) indicates a potential market for financial institutions to differentiate themselves by offering more flexible terms on these products.
• There's a clear lack of awareness among consumers about their ability to negotiate various financial product rates.

"These insights open up new avenues for financial institutions to engage, and educate their customers," says Steve Worthy, Head of Growth. "Financial Institutions have a unique opportunity to guide customers and potentially increase satisfaction and loyalty."

For more detailed insights and to learn how Competitor IQ's exclusive mystery shopping data can transform your competitive strategy, visit www.ciqdata.com.