The mortgage lending business is ever-changing and it's becoming increasingly difficult to stand out among the competition, no matter how well known your brand is. In fact, a large international bank was charged with growing their mortgage business but was running into challenges. What they were doing in the past, was no longer working.
- They needed to retain and recapture existing mortgage customers.
- They needed to drive new mortgage business by effectively cross-selling to existing checking account customers.
They needed to expand their strategy beyond the traditional, outdated approach. They needed a new way to get to their customers first and convert them quickly, before someone else did. Previously they were using a combination of credit triggers, property data and propensity modeling to identify leads and have their internal LO team follow up with them. This lead to a series of challenges, such as:
- Waiting for credit triggers, property data and propensity modeling - which was too late and could not identify the intent of the customers.
- Pre-emptive outreach created poor customer experiences and wasted internal resources (consuming scarce LO time).
- Contacting all customers consistently in the hopes of being early became an inefficient use of resources and created bad customer experiences. This resulted in the bank not being able to identify which customers to focus on in a timely and relevant way.
Faced with these obstacles, the bank enlisted the services of Jornaya's solution and LQ Digital's contact center. Jornaya's Activate solution is a monitoring platform that provides behavioral data and insights on in-market consumer activity. By using Jornaya's platform, the bank was able to:
- Pinpoint exactly when a customer became interested, based on their shopping patterns across the web.
- Identify what type of product potential customers were interested in.
- Engage the customer efficiently and effectively.
Since 95 percent of consumers start their shopping journey online, Jornaya was able to identify the consumer 70-100 days before the funding event - which capitulated the bank ahead of their competition. The next challenge of course was to follow up with the consumer in an effective way. This is where LQ Digital's Contact Center fit in, by offering a contact strategy that executed inbound and outbound calls and qualified buyers so that LO's could spend more time closing and processing deals.
Combining Jornaya's customer signals with LQ Digital's triggered outreach and lead qualification, the bank witness a tremendous amount of success.
- Improved action rate on leads from 30 to 100 percent
- Phone contact rate increased from 45 to 60 percent
- Qualified lead transfer rate increased from 7 to 15 percent.
The combined efforts lead to 3x increased in funded loans for the business.
Learn more about this joint effort and success by downloading the case study.
