In today’s digital landscape, organizations across industries have access to more data than they know what to do with. Credit unions are no exception. Even the most privacy-conscious credit unions are sitting on compelling, predictive data about their members: Data that can enhance mortgage originations and drive portfolio retention.
When you understand who your members are, really, and turn that understanding into action, you can predict the near-future homebuyers amongst your members and communicate with them proactively, strongly increasing the chances that they will turn to you when they’re in the market to buy their first home, refinance or move.
However, for most credit unions, that data is locked, unanalyzed, across siloed systems. Accessing it and gleaning insights from it requires a high fixed start-up cost, deep expertise to make it actionable, and the resources to execute on those assets.
Partnering with a CUSO like TruHome opens new possibilities for credit unions like yours. By tapping into the power hidden in your data, without the insurmountable costs of start-up, strategy, and scale, you can increase the effectiveness of your mortgage program and drive portfolio retention.
The Power of Your Member Data
With a window into your member data and the tools and understanding to analyze and utilize it effectively, you’ll unearth invaluable insights into your members’ financial situations, preferences, and next steps. This means you can predict their future needs and target personalized marketing toward their next financial decisions.
Your members’ and potential members’ data is full of powerful information, like their current interest rates, estimated property value, and credit score. When paired with market analysis, this data can reveal differentiators for your credit union, such as a member’s home equity value for a cash-out refinance, their propensity to purchase, and how much your program could lower their interest payments or overall payments. With these insights, you can target members with personalized offers within their budget that will appeal to or influence their near-future decision-making.
Enhancing Member Communications with Personalized Insight
With these data-driven insights, you can craft a consistent and personalized communication strategy that is crucial to portfolio adoption and retention. Regularly keeping your members informed and educated about new products, rates, and other relevant information, even before you predict they’re ready for a loan, strengthens the relationship and fosters loyalty.
Consistency allows you to position your credit union as the preferred choice when members are ready to purchase or refinance by ensuring you stay top-of-mind for members during their home-buying journey, increasing the likelihood of securing their mortgage business.
Personalization of that consistent communication shows your members that they aren’t just another number to you. By sharing information and offers relevant to their current life stage, you’re showing that you understand their priorities and goals.
Both consistency and personalization are crucial to the success of your mortgage program’s marketing efforts. Untargeted offers, for example, even sent regularly, can potentially erode trust and alienate your members. If they receive weekly communications from you about offers well outside their means, for example, they’ll quickly ignore them and send subsequent communications straight to the spam folder or recycling bin.
Unlock Your Member Data by Partnering with a CUSO
Understanding the importance of using member data to personalize your relationship with them and strengthen your portfolio retention is one thing. Putting it into practice is another. Because extracting and organizing your member data in a way that makes it possible to analyze is such an investment of time and money, getting to a place of personalization can seem daunting.
Fortunately, you don’t have to perform all these steps in-house. A CUSO like TruHome has access to all the technologies needed to kick off your data-driven marketing strategy, a proven process for putting insights into action, and more.
By comparing member qualification data against your credit union’s actual product set, we can match members with the products they’re most likely to qualify for. By reporting on ad hoc data sets like loan originations, we can help you proactively determine your most valuable members and market to them in a way they’ll value in return.
Make the most of your marketing budget by advertising to the right audience. By navigating data utilization through a CUSO like TruHome, it’s easy to stay top of mind with members, drive cash-out refinances, and identify member’s propensity to purchase.
Ready to learn more about the power hiding in your member data?
Fill out a contact form today.