As the mortgage rate decreases, refinancing increases. Consequently, lenders need to work harder to retain and satisfy customers. Interelate's quickly deployed CRM solution was developed to help banks improve customer retention.by eCRMGuide.com Staff
Interelate, Inc., a provider of turnkey, hosted customer relationship management (CRM) solutions, has created a system that hopes to help mortgage lenders during the current increase in refinancing. According to mortgage industry data, 25 to 50 percent of mortgage-holders will refinance this year and the average lender will only retain 14 percent of those customers. Interelate realized that a quickly deployed CRM solution could improve the customer retention rate.
"Market and economic factors are creating tremendous portfolio churn, which is costly for lenders." said Wade Myers, Interelate's chairman and chief executive officer. "Interelate identified the need for and created a solution that not only helps banks retain and grow their portfolios and revenues, but also helps them improve customer service by personalizing their product offerings to meet the needs of borrowers."
Interelate's hosted CRM solution includes customer analysis, propensity scoring, campaign management and real-time personalized offers for both inbound and outbound campaigns. Inbound customers are automatically prioritized and given relevant real-time refinance offers via various touchpoints and outbound offers are proactively made only to customers that are most likely to refinance in order to retain them.
Headquartered in Eden Prairie, Minn., with a European office in The Netherlands, Interelate supplies customer intelligence and marketing infrastructure to meet the next-generation CRM needs of Global 2000 companies. Interelate develops solutions for the financial services, travel and leisure, retail and telecommunications/utilities industries, enabling them to understand their customers and build highly personalized real-time and/or direct marketing offers.