Top Mortgage Lender Reduces Churn with a Single Customer View

Why:

This well-known mortgage lender helps millions of customers buy and refinance their homes. It focuses on first-time homebuyers, veterans and service members. The company lacked a single view of the customer, and data was siloed across multiple touchpoints including call centers, email and SMS. Disparate data prevented the company from recognizing each customer’s unique journey and immediate needs.

The company’s goal was to build Golden Records with the Redpoint Data Readiness Hub. Redpoint was tasked with:

• Creating four types of Golden Records (Individual, Household, Address and Loan Summary) for a 360-degree view of the customer.
• Powering more informed lending decisions and personalized interactions using cleansed and fit-for-purpose data.
• Enhancing customer identification to support more accurate assessment of applicant profiles.

What:

The mortgage lender implemented the Redpoint Data Readiness Hub, using a centralized data repository, comprehensive identity resolution and the creation of Golden Records to solve for disjointed data and a lack of actionable customer data insights.

• Through a combination of deterministic and probabilistic matching at data ingestion, advanced identity resolution capabilities determine the identity of customers and prospects from anonymous to known states.
• Complete data hygiene processes undertaken prior to the creation of the Golden Record enable more accurate, targeted segmentation.
• Real time updates to the Golden Record and the use of persistent keys continually enhance a customer record, providing a longitudinal view of customers and households across omnichannel customer journeys.

Wow:

With Redpoint, the mortgage lender is re-imagining customer engagement, to include:

• Dynamic Campaign Management
  The Redpoint Golden Record powers finely targeted campaigns, including onboarding journeys and account health checks that are driven by continual input from 25 data feeds.
• Reduced Customer Churn
  The company now proactively engages with customers because it recognizes who they are (individual or household) in the context of a customer journey.
• Optimized Advertising Spend
  Deeper customer insights enable the company to allocate resources more effectively, targeting channels and campaigns that offer the highest ROI— improving marketing effectiveness while reducing costs.