Global Bank Provides Real-Time, Contextual Communications Through Smart(er) Notifications
The Challenge
In home lending, the “paid-in-full” notification is a critical piece of communication. Not only does it confirm a major milestone in the customer’s financial life by declaring their mortgage paid off, but it must also adhere to strict regulations that vary among states.
A global top-five bank strives to manage their paidin-full notifications effectively to promote customer loyalty and regulatory compliance. When a customer’s mortgage account is paid off, the bank emails them a notification; if the email bounces or goes unopened, the bank sends them a physical mailpiece.
But the bank’s manual process of sending the emails, tracking the opens, and initiating the mailpieces to tens of thousands of customers each month was labor intensive and costly. They
needed a solution to reliably automate this process across various state regulations.
On top of that, when the mortgage is paid off, this bank needed a real-time mechanism to immediately provide consumers with cross-sell opportunities to drive growth and loyalty. To make all of this work, the bank turned to CSG.
The Solution
To simplify its cross-channel paid-in-full notifications, the bank deployed CSG Smart(er) Notifications.
Smart(er) Notifications coordinates customer communications across email, SMS, voice, print and other channels—all in real time. By leveraging data across otherwise-siloed sources, the platform helps businesses track customers’ journeys, anticipate their needs, and deliver the right messages to them on the right channels.
Now when a mortgage account becomes paid in full, CSG automatically emails the customer to confirm their status. Smart(er) Notifications then listens to the ESP (email service provider): if the email bounces or is unopened after three days, it triggers CSG to send out the mailpiece.
Smart(er) Notifications lets the bank set separate rules to comply with different state regulations, such as those that mandate the physical mailing. It also applies different rules depending on whether the mortgage account was paid off through escrow or through refinancing.
Smart(er) Notifications also understands behavior queues and presents consumers with additional product offerings that they might find interesting.
The Results
Smart(er) Notifications coordinates the delivery of about 74,000 emails and 27,000 mailpieces for the bank’s paid-in-full accounts each month, on average. The solution increased the digital channel delivery of these notifications by 10 percent, reducing the bank’s paper costs. By automating this complicated cross-channel process, the home lending division also realized cost savings through improved efficiency, as well as additional growth and loyalty through cross sell promotions that placed consumers in new journeys with the bank.
The bank has since expanded Smart(er) Notifications to other lines of business, including collections and auto loans, in its ongoing effort to provide the most effective micro-journeys to customers throughout the enterprise.