As the borrower expectations sore, Mortgage industry still lags behind other fin-tech industries in employing individualized marketing. Poorly integrated systems and databases, lack of data unification are some of the challenges mortgage marketers face in implementing personalized marketing automation. It is in this scenario that a Customer Data Platform can be helpful for Mortgage Marketing.
A Customer Data Platform or CDP can help to solve these problems by
Providing a marketer managed system.
Building a unified persistent borrower database.
Making accessible to other systems through seamless integration.
Need for CDP for mortgage marketing
Borrower data is collected through multitudes of systems like CRM, online applications, website analytics but these data are fragmented across silos.
CDP consolidate and integrate borrower data into one data platform.
CDP provides a 360 degree view of the borrower.
By gathering data from multiple sources into one platform, CDP unifies borrower profiles across systems in a manageable manner.
CDP improves targeting for marketing campaigns by employing segmentation techniques on borrower data.
CDP democratizes access to and the ability to leverage customer data across organizational departments and borrower touch points.
In CDP, business rules can set up centrally in one place and can be applied across various tools thereby increasing operational efficiency.
Key functionalities to look into when selecting a CDP
Marketing programs: The CDP should support the marketing programs which are specific, possible and desirable for the mortgage bank.
Program processes: CDP should identify borrowers during all interactions, store that interactions in a unified user profile with the ability to analyze the interaction history to identify the best channel for each borrower.
Systems: CDP should include all systems that manage borrower data, make decisions and deliver messages.
Data system requirements: Apart from general data requirements for marketing applications, CDP should be able to capture special needs of mortgage marketing services like custom algorithms.
Database requirements: CDP should include the database requirements like ingesting structured and unstructured data, transforming data into usable formats, resolving identities across systems and easy sharing data with other systems.
Integration: CDP should have seamless integration with borrower document systems like Chatbots, CRM, mobile apps, Adwords etc.
The availability of data from all sources and the availability of integrations to activate this data to all channels is the critical aspect of CDP in creating the unified view of the borrower.
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