Finance of America’s Customer Experience Roadmap Centers on Personalization, Loyalty, and Servicing

Finance of America has driven incredible success in the past year, doubling their customer retention and loyalty rates with customers. The organization credits the success with a commitment to focus on customers and creating individual relationships.  

“You got to give a fantastic customer experience or that customer is gone for you for the lifetime. That’s almost table stakes now,” says Dan Catinella, Finance of America Chief Digital Officer. “You’ve got to make sure that customer is satisfied with that experience, but also making sure that you’re aligning the right touch points after the transaction to keep in contact with this customer. Stay in front of them and have meaningful conversations and touch points in the future.” 

As Finance of America looks ahead, three key areas will remain critical to extending that customer-first, experienced-focused financial experience. 

1. Put the Person in Personalized  

Going beyond segments and personas, Finance of America is taking the 360-degree customer view and turning insights into action. For example, developing individual offers based on the amount of equity in the home or appreciation increases specific to their marketplace.  

“Creating not only insights for our advisors to have conversations, but also marketing material that gives them specific offers, [such as] monthly savings,” Catinella says. “Personalized down to the individual customer level. That’s one thing that we’re working on and that should be out in the next 30 days here. We’re super excited about that.” 

2. Reward Loyalty  

The team also recognizes the value of retention and isn’t shying away for asking for loyalty. Taking best practices from traditional retail loyalty programs into a financial services environment, Finance of American is rewarding customers for repeat business.  

A customer might get five points for one loan. An additional 10 points for a second loan or a refinance. Those points can be “cashed in” for a better rate, a better process.  

3. Simplify and Streamline Servicing 

Another way Finance of America puts its customers first is through optimized processes. Particularly for repeat customers, a lot of information exists in servicing and there’s an opportunity to cut down on documentation and other needs. 

“When we bring you back for the next opportunity, we can make that cheaper, easier, and faster for you,” Catinella explained. 

For more ways Finance of America is optimizing its customer experience with Total Expert, listen in to the full Expert Insights podcast with Dan Catinella.