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houseCustomer loyalty is paramount to any lending institution’s business strategy. Many financial institutions are focused on acquisition strategies, digitizing the entire banking process and creating the ultimate omni-channel experience for their customers. But what about retention? Once you’ve captured a new client, approved their mortgage, opened their chequing account and perhaps an RESP for their first child, what happens next?

In a recent study conducted by Canadian Marketing Association and Yahoo Finance, 19% of Canadians reported they switched banking providers in the last five years. This statistic is even higher amongst millennials (29%) and new Canadians (39%). According to this study, almost half of Canadians would switch to a new bank if they saw an opportunity for better service.

So, how do banking customers define better service? What makes Canadians want to stay with the same financial institution? In a separate study by Market Force Information on consumer loyalty, 37% of consumers cited lack of help with “improving my financial well-being” as a reason to switch banks.

The Teranet Solution

Delivered on the PurView™ platform or through web services, Property Monitoring tracks title registration activity for properties you have an interest in and then notifies you when something is registered on the property.

Teranet works with you to determine which instruments you would like to track or can simultaneously track all instruments in your portfolio and provide a monthly post-registration report that captures all activity, so you can action this information in accordance with your unique objectives. Our customer success team will set up assigned users with training and education to ensure optimal use.

Proactively Manage Your Portfolio to Increase Customer Loyalty

A national lender has been subscribing to Property Monitoring for four months and within this time they have been notified that 14 customers in their secure portfolio had CRA liens on their property. These files were sent to sales and the internal mortgage specialist team reached out to the clients to discuss options to clear the lien from title. The lender was able to proactively secure new financing for 11 of the 14 customers with existing equity in their home, remove the lien from title and secure an additional mortgage term with the clients.

“Having access to activity on title post-funding has generated better sales strategies and customer retention activities that we likely would not have had prior to subscribing to [Property Monitoring]. These insights enable better engagement with our customers, before they have an opportunity to seek financial advice elsewhere.” – V.P. Mortgage Lending

To learn more, set up a call with a dedicated account manager here.