Customer retention is an ongoing challenge for servicers. Earning a customer for their borrowing and homeownership lifetime requires truly understanding borrowers and engaging each meaningfully. Additionally, as push-button digital mortgages have become mainstream, people have come to expect this same experience with the rest of their borrowing and home owning lives.
Sagent’s Account Connect is a powerful consumer-facing dashboard that allows servicers to deliver a streamlined and personalized experience to borrowers. Sagent Account Connect is branded as and deployed by the borrower’s servicer.
When a borrower uses their servicer’s branded version of Account Connect, they don’t see any generic calls to action. Everything is hyper-relevant to their situation and current market conditions.
The Sagent Account Connect app begins with the basics, such as displaying loan balances, making payments and showing amortization schedules in real time. It becomes more engaging when servicers enable borrowers to model interest cost savings and faster payoff times by applying extra principal or refinancing.
Sagent’s consumer dashboard keeps borrowers informed about their largest asset – their home – and presents them with relevant options to optimize their finances or even buy a new home. Smart self-serve tools empower homeowners to learn about their loan options on their own time and request human advice at any moment so they don’t feel as though they must navigate complex processes and decisions on their own.
Account Connect is designed to be highly configurable, allowing servicers to “build” their experience any way they choose without needing to code or recode for every customization and market or regulatory change. Servicers can educate and engage homeowners by enabling real-time updates from any device and sharing data, while maintaining compliance, with lenders and borrowers simultaneously.
On an ongoing basis, a borrower might see messages about managing their escrow balance or updating insurance. Servicers might also allow a borrower to “Click for COVID-related mortgage assistance” to explore options based on their needs. All of these are custom to their profile so they can actively manage their mortgage.
The Account Connect vision is allowing borrowers to actively manage their homeownership experience, not just for a loan they have today, but for any lending needs they have over their life of borrowing and homeownership. Servicers can integrate rate data from their product and pricing engine to show rate-and-term or cash-out refinance scenarios to borrowers based on market, home improvement, debt consolidation or other opportunities—all of which help improve retention.
Servicers can use Account Connect to move quickly and deliver modern, omnichannel customer care to all homeowners, whether those borrowers are simply tracking monthly payments or deep into an economic hardship scenario. The ability for servicers to offer these tools will be a key indicator of those who emerge from the COVID economy stronger than they were before. Customers get what they need, and servicers deepen relationships while preserving the value of their MSRs.
PRODUCT: Sagent Account Connect
SNAPSHOT: Sagent Lending Technologies, a fintech company modernizing mortgage and consumer loan servicing for America’s top banks and lenders, powers servicers and consumers throughout the homeownership lifecycle. Sagent Account Connect is the bank/lender-branded dashboard that homeowners use to manage their homes and loans from any device.