Fintechs Boost Bank Retention
Three fintechs assist banks in retaining mortgage customers, reducing costs, and enhancing loyalty through innovative strategies and partnerships.
February 12, 2024
How Fintech Innovations Assist Banks in Retaining Home Loan Customers
Three fintech companies are at the forefront of helping banks maintain their home loan clientele, reduce operational costs, and enhance customer loyalty. These fintech solutions provide strategic approaches to customer retention and competitive finance management.
Craggle
Craggle specializes in forming weekly cohorts of borrowers considering switching banks. It compiles these lists and offers them back to the banks, providing a unique opportunity for banks to retain their customers by presenting better terms or services before they make a switch.
Stay or Go
Stay or Go operates by negotiating better deals for customers with their current home loan providers, ensuring that customers receive the best possible terms. If a better offer is unavailable, it facilitates the process of switching to a more advantageous competitor, thereby catering to customer needs for favorable loan conditions.
Elula
Elula partners with banks to identify customers who are most likely to switch to other lenders. By analyzing these insights, Elula helps banks determine the financial viability of making enhanced offers to these customers. Their approach has reportedly led to a 60% improvement in customer retention rates for participating banks.
