Marketing automation best practice: Automatic loan status updates
This past week, credit union executives from around the country came together in Las Vegas to discuss mortgage lending. The ACUMA conference is a great event and the topic should be of concern to every marketing executive working in our space.
To succeed in mortgage lending, financial institutions must provide information to borrowers on a regular basis. Informed customers make better decisions and lack of information will cost the credit union the deal.
In addition, members feel more respected when their credit union proactively updates them about financial status and opportunities. With a good marketing automation system, a financial institution can automatically keep customers in the know during the critical loan application stage.
We recently wrote about the importance of providing regular loan status updates on this blog. We pointed out that in study after study, consumers complain about the lack of information flowing back from their loan officers and real estate agents. They do not like to have to work to get information about the status of their loans.
Many leading originators train front line customer service staff and loan officers to be proactive in updating consumers. This is not an ideal solution as these team members already have important work to do, particularly loan officers, who should be pursuing new business.
Far better for the credit union is to task its automated marketing platform with providing frequent status updates to borrowers automatically. This takes the load off of the staff and makes it crystal clear to the member that the credit union values them and respects their time.
For more information, find out article, Deploying Marketing Automation for the Credit Union, on this blog or download our recent white paper.