Thomvest, A VC Fund With A Single Investor, Focuses On Three Complementary Verticals
For a $ 500 million venture capital #fund, #Thomvest attracts relatively little news coverage.
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Thomvest, A VC Fund With A Single Investor, Focuses On Three Complementary Verticals
For a $ 500 million venture capital fund, Thomvest attracts relatively little news coverage.
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The Fed Should Develop Its Own Real-Time Payments, Say Three Former Fed Payment Experts
Fed #payment #experts think the central bank #should build and operate a real-time #payments network to provide competition to the TCH network operated by the largest #banks.
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Three Fintech Startups to Watch Next Month
EXCLUSIVE— #Fintech is continuing to grow, as more #startups across payments, insurance, #blockchain, and other areas carve out niches for themselves in the financial ecosystem. And with more funding and more innovations come more players. Here are #three that Bank Innovation will be keeping a #watch on #next #month: Chip At this point, the United […]
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Amazon Registers Three Cryptocurrency Domain Names
#Amazon Technologies, a subsidiary of e-commerce giant Amazon, has acquired #three #domain #names relating to #cryptocurrency: “amazoncryptocurrency.com,” “amazoncryptocurrencies.com,” and “amazonethereum.com.” Exactly why Amazon decided to register all three of these domain names, no one really knows. This has, predictably, not stopped observers from speculating about what type of grand schemes Amazon may have in the […]
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This way to predictive mortgages: Three digital tools banks can use in the battle to acquire customers
Steve Jobs once said, “Your #customers dream of a happier and better life. Don’t move products. Instead, enrich lives.” Considering the degree to which Apple’s products are ingrained in people’s day-to-day lives, they’ve stuck well to Jobs’ guidance.
One of the areas of retail banking where it should be easiest to sell dreams, not products, is the mortgage business. People want to buy a house and build a future; they don’t want to buy a mortgage. Long before lifestyle reality shows conditioned us to always be thinking about remodelling, I remember walking the empty rooms of my first home in Scotland dreaming about the home it could become. Unless you’re a commercial developer, a mortgage is just a means to an end, but it’s still one of the most meaningful and intimate transactions that #banks can have with their customers. However, the entanglement of #mortgages with dreams and aspirations also makes it a very vulnerable product category. Customers’ dreams of a new home now tend to manifest themselves via a #digital footprint that ranges from simple real estate searches, to baby announcements, and relocation research. For lenders with the right analytical #tools, these digital footprints create an ideal opportunity to intersect customers before they ever think about contacting their bank. In the US, the result is that banks are now beginning to fade from the mortgage landscape, with non-banks occupying six out of the top 10 origination spots in 2016, up from just two in 2011¹.
Read the report
For banks to remain relevant in the mortgage category, they need to get into the dream-fulfilment business. That means going beyond the traditional bank credit offering to facilitate a compelling end-to-end home-buying journey. The goal must be to meet customers’ digitally groomed expectation that banks know them enough to anticipate their mortgage needs and delight them with relevant, hyper-personalized offers and service. To stay relevant, banks need to get out of their traditional reactive stance and develop a #predictive mortgage acquisition strategy.
Effective predictive mortgage origination draws on #three core digital tools that enable lenders to connect with borrowers and enhance their experience earlier in their journey to homeownership: programmatic marketing platforms, advanced analytics and artificial intelligence (AI). Together, these capabilities create predictive lenders who can put the customer at the center of their marketing efforts and act on moments of influence throughout the customer journey from dream to move-in date and beyond.
For example, good predictive lenders build data management platforms that store and cull rich customer attribute data to inform personalized, contextualized and precise offers. By analysing the data at a granular level, lenders learn more about customers’ device-usage patterns, behavioural trends, social media profiles, purchase history and search priorities, allowing them to respond to specific contextual cues instead of simply targeting segments. With AI, predictive lenders can automate personalized marketing to #acquire customers at scale, speed processes, limit manual intervention and cut costs. #This isn’t just about keyword search response where any customer behaviour vaguely related to a new home search results in them being bombarded with generic mortgage offers. That is the digital equivalent of dumb direct mail, and not surprisingly the hit rates are low and getting lower for that type of blunt-instrument marketing. Instead, sophisticated machine learning can glean real insights from patterns in customers’ behaviour and data relationships to refine and predict next-best actions to a level where bank interventions are seen as truly helpful and not annoying. The difference between the best and the rest is becoming dramatic. Those who can identify and interpret the right precursor home-buying signals from their customers have seen click-through rates improve to six times industry benchmarks.
Smart banks will help customers realize their dreams of a happier and better life in a new home by enriching the mortgage experience with greater predictability. To learn more about how, I invite you to explore our report: The power of prediction in digital mortgages
¹Wall Street Journal, November 2, 2016
The post This way to predictive mortgages: Three digital tools banks can use in the battle to acquire customers appeared first on Accenture Banking Blog.
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BMO Harris Just Launched Three Wallets
#Just when you thought the digital wallet craze was left behind in 2016, in comes BMO with #three new #wallets. The bank #launched BMO #Harris Bank Masterpass – a Mastercard-branded wallet – as well as Android Pay and Samsung Pay yesterday for “select” credit and debit cards. The wallets areRead More
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Three Market Opportunities In Insurance Asset Management
The #asset #management side of #insurance business is a sleeping beauty that hasn’t awoken to the #Fintech drumming. Apart from the regulatory driven involvement due to Solvency II ( covered here) I have not seen any laser focus from Fintechs in the asset management part of insurance businesses. Naturally, lowRead More
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FinTech Firm Fundbox Taps AdTech Veteran Prashant Fuloria and Three New Hires
San Francisco-based #Fundbox bolsters its leadership with four new appointments.
FinTech – Finance Magnates | Financial and business news
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