New Equity Accounts & Targeting Customers
Institutions are constantly seeking innovative ways to enhance their marketing strategies and boost customer engagement. WordCom has introduced a groundbreaking, data-driven approach to target the ideal customer for equity line and loan accounts.
Targeting the Ideal Customer with WordCom’s Innovative Data-Driven Approach
Seasonally, it is always a good marketing idea to promote new equity line/loan accounts to existing customers who don’t currently have one. The key is targeting homeowners who are likely to open an account.
WordCom’s MicroModel approach uses data from existing customers with an equity line/loan and builds a profile by appending over one thousand demographic, behavioral, and lifestyle attributes. It then uses the constructed data profile to find other customers similar to the equity account holders.
Understanding the likelihood of meeting loan underwriting standards for the bank can be a helpful targeting tool. WordCom’s RiskIQ can target customers using a FICO-like risk proxy applied on a zip+4 geographical basis. Further, targeting can involve product propensity model scoring. Used together, modeling efforts are critical in targeting customers for new equity accounts.
Generating new equity loan/line balances remains a vital marketing goal for most institutions. Promoting increased HELOC usage in the spring is an effective strategy toward that objective. Targeting existing customers for new equity account openings will also help increase loan balances.