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Loan Strategies for 2022: All you need is… data!

The Beatles may have gotten it right when it comes to life… all you need is love. But when it comes to growing loan portfolios in 2022, the key to success is data. Below are some tactical ways that you can acquire new loans and grow existing balances in the upcoming year.

Start with your existing customers

Equity and mortgage acquisition programs have always been challenging when targeting prospects. To ensure being as efficient as possible with your marketing dollars, all initiatives to increase loan balances need to start with current customers. Some of the easiest ways to get started:

  • Communicate to existing mortgage customers about the benefits of an equity loan
  • Build profile models of existing loan customers (mortgage, equity, auto) and score the rest of the customers as to the likelihood of opening one of those products
  • For customers with under-used equity lines, reminding them that they have the loan and all the things they can do with it to improve their life is a great way to increase balances

Life events can be borrowing events!

Think about all the events that happen in a person’s life… almost all of them will involve some kind of major financial shift. In addition to the pre-mover triggers mentioned in this newsletter, other events like new movers, newly married or single, and new baby can signal a loan opportunity.

For example, data shows new movers make major purchases after moving, so offering a credit card shortly after the move or equity loans a little later may help them improve their new place. Additionally, newly married/single or new baby can often times lead to a new place to live.

Start by monitoring your current customers for live event triggers so you can quickly communicate to them. Then expand by communicating to prospects in your marketing footprint that are experiencing these events on a weekly or monthly basis.

Utilize intent data

With the amount of information being gathered on consumers nowadays, intent data is becoming increasingly available and actionable. Paid search can get your digital ad in front of someone at the time of the search, but mortgage and equity might be longer lead times. You can stay in front of these prospects by targeting the households for the days or weeks after the search.