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Digital capabilities unlock home equity lending potential

Key highlights of the North America Consumer Home Equity Loan Survey.

Home equity loan originations rose nearly 15 percent since last year, along with a rise in home values and consumer optimism. To gain insight on how borrowers are impacted by and are influencing market changes, Accenture polled more than 6,000 consumers in the United States and Canada about their home equity loan buying behaviors, preferences and experiences.

Key findings of the survey:

  • Borrowers are uneducated about the financial options available to them and some of the key features and benefits of home equity products.

  • The needs most important to borrowers are the ones where lenders are delivering a less than satisfactory customer experience.

  • Lenders are still relying heavily on traditional channels to take applications and process loans, despite borrowers’ increasing desire for a digital process.

North America’s top home equity lenders have a tremendous opportunity to position themselves to capture market share and protect themselves from new entrants.

To do so, they should focus on these six key actions:

  1. Integrate and optimize search advertising marketing efforts via SEM and SEO to increase presence on first page results.

  2. Leverage data as a strategic asset to drive insights into action—who to target, what to offer, when to offer it and how to personalize it.

  3. Excel at converting leads to loan applications.

  4. Introduce a customer-centric fulfillment model.

  5. Automate the fulfillment process to significantly shrink cycle times.

  6. Extend the digital ecosystem and create relationships with third parties that will add value to the borrower throughout the experience.

By using digital to tightly connect and enhance all aspects of their loan process, lenders can fully capture the potential of the home equity loan market, while maintaining competitive advantage over new market disruptors.

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