Loan servicing professionals are perpetually experiencing regulatory changes while trying to balance portfolios. The “do more with less” mentality in the industry has sent loan servicers on the search for ways to increase their profit per loan.
Here are two ways to expand the value of your portfolio this year:
1. SEGMENT MARKETING
In segment marketing, a borrower base is divided into groups of individuals that are similar in specific ways relevant to customer attributes such as age, gender, interests, spending habits, etc. According to MailChimp, segmented email campaigns receive 14.72% more opens and 62.84% more clicks than non-segmented campaigns. What does this mean for your portfolio? Borrowers are more receptive to information that is specific to them.
Lanvera helps increase revenues by providing the ability for our clients to sell affiliate marketing space to businesses that offer services similar to borrowers’ needs. Segment affiliate marketing in borrower-critical document delivery can be applied multiple ways:
The benefits of personalized marketing are enormous to both borrowers and servicers and can impact profit per loan significantly. As a partner, Lanvera helps to maximize borrower communications through segment marketing, resulting in improved ROI and higher eAdoption rates.
2. DYNAMIC MESSAGING
Dynamic Messaging allows you to present strategic messaging to all borrowers or a specific target group and use consumer-facing marketing space by targeting account holders with products and services that best fit their needs. There are many ways to incorporate dynamic communications on specific borrower criteria, including account balance, zip code, gender, or marital status, to name a few. You don’t have to reinvent the wheel in compiling data because you already have it. Why not use it to increase your bottom line?
Here are some tips on harnessing the power of dynamic messaging on borrower-facing digital and print communications: