TransUnion and Senso Announce a Collaboration to Help Canadian Lenders Increase Mortgage Retention
The Senso Mortgage Retention Score offers data driven risk insights and retention tools for lenders
TransUnion, a global information and insights company, announced today a relationship with Senso, a provider of predictive intelligence to financial institutions. Through this relationship, Canadian lenders will have access to new insights to help identify at-risk mortgage clients likely to churn. This agreement will make the Senso Mortgage Retention Score available to all TransUnion customers in Canada.
Midterm attrition amongst mortgage holders causes lenders to lose billions in annual volume due to the unpredictable nature of mortgage refinance and home purchase trends. The Mortgage Retention Score yields rich predictive insights about a lender’s existing mortgage clients who are actively seeking a mortgage refinance or financing for a new home purchase. This will help support Canadian mortgage holders at a time of considerable economic stress, making it easier for lenders to proactively generate preapprovals, pricing offers, and incentives in preparation for their client’s next home purchase or refinance.
“At TransUnion, we are continuously striving to improve the suite of products and solutions we offer our customers so that they can, in turn, support mortgage holders,” said Todd Skinner, president of TransUnion Canada. “With this relationship, we will be able to help lenders access AI-powered insights driven by high-quality data. Mortgage churn is a real problem for lenders, and the Senso Mortgage Retention Score will help lenders develop proactive strategies that optimize client experience and lifetime value.”
The Mortgage Retention Score has several advantages over the traditional reactive approach, which requires borrowers to go to their banks to seek a preapproval. The score uses machine learning to analyze client interactions and aggregated TransUnion data to improve the client experience and increase retention. This proactive approach benefits the underlying mortgage holders, who are provided pre-approvals and offers in advance of their next home purchase or refinance, making it a frictionless process.
“The new normal for lenders is to predict their client’s needs and to provide them with new offers and pre-approvals when and where they need them most,” said Saroop Bharwani, CEO of Senso”. “With interest rates being at an all-time low, and demand for homes being at an all-time high, it’s essential for lenders to understand their clients and engage them proactively so they have no reason to seek a financing option elsewhere.”
For more information, please visit www.transunion.ca/product/mortgage-retention-score.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.® TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. Our customers in Canada comprise some of the nation’s largest banks and card issuers, and TransUnion is a major credit reporting, fraud, and analytics solutions provider across the finance, retail, telecommunications, utilities, government and insurance sectors.
Senso is a Toronto-based Fintech AI company which transforms scattered data into meaningful experiences to improve loyalty and profitability. Senso’s products help lenders strengthen client relationships using a scalable approach to seamlessly embed predictive intelligence into sales and marketing workflows. This helps lenders allocate their marketing budgets proactively, manage inbound channel capacity, and proactively generate preapprovals for their clients to enhance client retention and profitability. For more information, visit www.senso.ai.
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