The Financial Brand Insights - Fall 2021

bureaus ensures you aren’t missing out on any of your target customers searching for a loan. Among our lending clients, Deluxe has found that engaging a second bureau provides a 25% lift over single-bureau monitoring, and engaging all three offers a total of 50% lift. Tri-bureau monitoring also allows you to maximize coverage while reaching qualified targets, reducing customer friction. Not every lender utilizes multiple credit bureaus as part of the loan-marketing process, so it makes sense to find a partner, like Deluxe, that offers tri-bureau access. In addition to excellent coverage, your partner should be able to offer you better value and a faster, more streamlined process than if you were to orchestrate tri-bureau access on your own. (Not sure where to start? Here are three things to look for in a strategic prescreen partner.)

Recently, data analysts and marketing strategists at Deluxe identified eight state-of-the-industry best practices that can be applied to trigger marketing programs launched by any lender for any loan product. Read on for highlights from The Need for Speed: Optimize Trigger Programs, Get to Market First, and Fund More Loans , the new report from Deluxe. Opt for Credit Triggers Nowadays, marketers can use triggers to help them find people who are getting married, expecting children, graduating college, listing a home for sale, and more. Always-on programs monitor extensively multi-sourced databases to identify signals that a consumer may need a loan. There’s a truly massive amount of both non-credit consumer marketing data and tri-bureau credit data available, but for loan marketers, the tri-bureau credit prescreen environment is the best option.

Figure 1

The in-the-market signal is based on a credit inquiry, meaning that the borrower is seriously shopping for a loan. While non-credit data can help you identify probable loan customers, credit triggers allow you to target those who are not only actively looking, but also highly desirable for your organization (figure 1). Access All Three Credit Bureaus Because of the volume of data and the short time frames associated with triggers, the credit data from a single bureau may omit tens of thousands of consumers. Having access to all three

Credit Prescreen and Trigger Metrics

4 Best Practices to Fund Year-End Action Plan:

500+

200 million+ consumers covered by tri-bureau prescreen credit data prescreen offers generated by lenders in 2020 10 billion

By Kathryn Turnoff Product Manager at Deluxe Corporation

number of credit data attributes

24> hours turnaround for returning qualified leads

There’s never time to coast in the world of mortgage customer acquisition, particularly in a market like we’ve seen in 2020 and 2021. Even as interest rates have remained stable, surging home prices mean every customer is worth fighting for. And given the industry’s complex dynamics, loan marketers can find themselves competing on increments of days—even hours. When time—and time-to-market—is of the essence, a best-practices approach to trigger marketing will help ensure that you can get to your customer quickly with your best offer (and win their business for another loan term).

$90

170%

of new revenue generated for every dollar spent on trigger marketing

ROI for one recent Deluxe client

Loans Faster

Tri-Bureau Trigger Monitoring Provides Significant Lift

50% lift

25% lift

1 Bureau

2 Bureaus

3 Bureaus

37

38

THE FINANCIAL BRAND INSIGHTS FALL 2021

THE FINANCIAL BRAND INSIGHTS FALL 2021

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