Media Releases / Mortgages

IRESS Mortgage Efficiency Survey 2016 findings on social media usage:

  • 52% of lenders are currently either active on or considering using Twitter, compared to 90% in 2014

  • 55% of lenders are active on or considering using Facebook, compared to 80% in 2014
  • 36% of lenders are active on or considering using LinkedIn, compared to 50% in 2014

In contrast to other areas of financial services, lenders’ use of social media has fallen in the last two years, according to the latest edition of the Mortgage Efficiency Survey conducted by IRESS, the leading supplier of technology for wealth management, financial markets and the mortgage industry.

The survey provides insight across many aspects of the mortgage market and application processing. Now in its fifth year, the 2016 survey analysed the responses of 18 lenders, with a combined share of gross mortgage lending of 68% in 2015, equating to £152bn of loans. Of the lenders surveyed, 52% are currently either active on or considering using Twitter, compared to 90% in 2014. Similarly, 55% are active on or considering using Facebook, compared to 80% two years ago. LinkedIn follows the same pattern, with 36% considering or active, compared to 50% in 2014.

Henry Woodcock, Principal Mortgage Consultant, IRESS, commented: “At a time when social media usage is booming, it is surprising that many lenders are actually stepping back from Twitter, Facebook and LinkedIn as tools for engaging with intermediaries and customers. In other areas of financial services, for instance banking, social media is transforming customer relationships with the likes of American Express using social media to personalise its message and tailor its service to individual customers. Developments are also moving beyond customer service and marketing to new services such as Turkey’s Denizbank Facebook banking; reducing operational costs and creating new business models.

“While we do not envisage customers applying for mortgages via social media in the near future, tools such as Twitter and Facebook can provide useful additional channels for customer service and information pre and post completion, particularly in reaching the under 45 age group. With several digital lenders set to launch in the coming months, we believe lenders across the market will need to better understand social media and develop plans on how to use it effectively.”

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Technical note

A survey group of 18 lenders, representing over 68% of gross mortgage lending in 2015 and compromising of Tier 1 to Tier 3 lenders, provided IRESS with data for the last full 12 months of trading, approximating to the tax year period for 2015/16. Tier groups are based on the Council of Mortgage Lenders ‘largest mortgage lenders by gross lending’ 2015 table, and where required lenders’ own published figures.

IRESS analysed data provided by lenders as a whole and by type of lender, split by bank and mutual lenders and the three tier groups. Average figures have been provided to illustrate patterns across the mortgage market and lender types. Where possible data is rounded to the nearest percentage point.

Please note data provided by participants has not been independently verified.


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