In the current highly digitalized business environment, many businesses opt for virtual and online meetings to save time. However, in-person meetings with clients are still critical, especially for lenders in the real estate and financial industry. Face-to-face meetings to discuss options, verify documents, and conduct signings are essential ingredients to long-term success. This blog discusses the benefits of arranging in-person client meetings before undertaking transactions and services.
4 reasons every lender should meet potential clients face to face
The following are some of the reasons to meet your clients face-to-face before any financial transaction:
Help meet due diligence requirements
Undoubtedly, the financial sector is faced with increasing compliance requirements and regulations to minimize fraud. A vital Customer Due Diligence (CDD) and Know Your Customer (KYC) requirement in the financial sector is to meet a prospective client in person at least once before any transaction. Meeting customers face to face allows you to identify them and understand their activities better, which boosts your customer due diligence processes. Generally, in-person meetings provide verbal and physical cues while ensuring a level of connection that phone calls and email communication cannot. Unlike scheduled phone calls, face-to-face meetings allow customers to be more expressive and revealing. As you engage in free-flowing discussion, you can easily pick early warning signals about their personality and activities. Such insights help create an effective risk-based lending approach to minimize your exposure to fraud. You also get a chance to view a customer's original driver's licenses and documentation to help verify their identities.
Helps identify and meet customer needs
Identifying and meeting customer needs is a focal point of every forward-looking lender. Studies reveal that customer-centric businesses are 60% more profitable than companies that don't focus their products and services on customer needs. Compared to virtual meetings, face-to-face meetings are more productive in helping you identify and meet customer needs. Meeting your customers makes them feel more valued as their opinions are heard and concerns are addressed immediately. Face-to-face communication lets you see and respond to your customer's non-verbal reactions. You also get a chance to show you care about their interest by asking probing questions and actively listening to understand their unique needs and perspectives.
Establishes personal relationships
Strong, personal relationships are the lifeblood of most successful financial organizations. In the current digital age, physical meetings are still the most effective way to develop essential client connections. Any seasoned finance broker will tell you face to face meetings are crucial in building rapport and fostering customer trust quickly. As mentioned earlier, when you meet your client in person, you get an opportunity to show genuine interest in their personal finances, which makes it easier for you to tailor a product that meets their needs. An in-person interaction creates a personal connection that cements client relationships for the long term.
Handling complex decisions
When a client's situation is complex, face-to-face discussion is crucial. A good example is when the transaction involves more than one person with multiple properties and loan applications or where a guarantor is involved. In such a scenario, handling the transaction over the phone and making critical decisions through email is not tenable. Hosting a face-to-face meeting allows you to get all the participants to arrive at the right decision sooner, so you close a deal quickly.
Why meetings should take place in a professional office environment
With the wide adoption of remote and hybrid work arrangements, many lenders may opt for a table at a café to get their face-to-face meetings going. However, these places are too expensive, noisy, or unprofessional for any productive business engagement to take place. That is why a private meeting room in a coworking space is ideal for holding meetings with your clients, employees, or partners. The following are some of the benefits of hosting your meetings in a professional office environment instead of a casual location such as a restaurant or coffee shop:
- Makes a good impression: A good impression is crucial for the success of any business. Private meeting rooms in coworking spaces give off an air of professionalism that impresses your clients. This is crucial when trying to make a good impression on potential clients and when striving get clients to trust your brand. If you meet potential clients in an unprofessional setting, they may lose confidence in your potential partnership. Nothing screams more unprofessional than meeting a contact for the first time in a noisy café.
- Provides privacy: Privacy is one of the biggest benefits of a professional office. Unlike noisy restaurants and coffee shops, meeting rooms in coworking spaces provide a conducive environment for private discussions about confidential transactions. It eliminates unwanted attention and allows you to discuss anything with your client freely without worrying about your plans being overheard by others.
- Access to crucial technology: Professional meeting rooms have top-notch technology for your presentations and video conferencing. When meeting clients in coffee shops, there is a great chance you won't access the necessary technology. However, when you set up your meeting in a coworking space, you maximize available technology for effective business discussions.
Maximize Quest Workspace meeting rooms for client meetings
Nearly 95% of business executives say face-to-face meetings are critical for establishing long-term business relationships with clients. For companies in the lending business, meeting potential clients in person before any transaction is crucial to staying compliant with due diligence requirements. It also helps establish robust personal relationships with clients, which helps you understand their needs better.
Meeting clients in a professional setting helps make a good impression on your business. At Quest Workspaces, we provide uniquely designed private meeting rooms to help optimize your discussions with clients. Our meeting rooms are equipped with all the modern technologies and features you need for successful meetings.
Contact us today to schedule a tour in an office near you.
