While customers are looking to take advantage of the lowest mortgage rates in 35 years by refinancing their homes, bank marketing departments can jump on the bandwagon and gain momentum, too."There are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates," said President Obama in a televised statement on April 9th. And, smart bank marketers should be steering their customers into more favorable rates before their competition moves in on them. If you don’t plan and take action, your competition may be seeing your customers walk in their doors.
Use your advantage over the competition.
Your knowledge of the customer's mortgage.
Right now, you have a huge advantage over the bank down the street. The types of loans, rates and balances of your mortgage customers are right in front of you. Take the initiative to contact your customers with a personalized, sincere message. Fill it with information that could save them money in these economic times. They’ll appreciate that gesture. Right now you can be supplying them with specific cost-savings that your completion cannot deliver . . . “save $215 this month alone!” . . . all because you have that data at your discretion. Give them the right information and incentive and you’ll be arming them with a solid reason to stay with your institution. You could be seen as a banker who’s interested in their well-being. Don’t let your competition be the first to express this concern.
More than a mortgage loan, customers represent
cross-sell opportunities.
Loose these valuable customers and you’ll be eliminating a steady income stream. A typical $200,000 mortgage can generate net interest income of up to $5,500 per year. Remember, your customers are more than just mortgage loans! They represent hard-earned relationships and opportunities to cross-sell other income producing products. . . products that can retain relationships for years to come.
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