Want to bring personal health perspective Targeted at the mortgage process for consumers, Guaranteed Rate is launching a rates app that includes content from Dr. Deepak Chopra.
The Chicago-based mortgage lender cited a recent survey of 2,000 Americans that said 80% of respondents reported experiencing stress on a daily basis. The cause of this stress is financial issues and health-related issues.
The focus of the rating app is different from Rocket Cos. rocket money appIts main goal is to improve financial health. Additionally, while Rocket Money is a subscription service, the Rate App is free unless consumers are purchasing financial products, said Scott Stephen, chief growth officer at Guaranteed Rate.
When logged in, people can access the service as a guest without having to create an account.
“winner [Ciardelli, Guaranteed Rate’s president and CEO] Would say this is his personal health journey and hopefully have a positive impact on people’s lives,” Stephen said in an interview.
Guaranteed rates and the Rocket app both aim to Build relationships with consumersCraig Martin, managing director and global head of wealth and lending intelligence at JD Power, said this is an area of interest for many depository institutions. For example, Bank of America received financial wellness certification. As mentioned above, financial problems may increase a person’s financial well-being. Personal stress levels, this is what mortgage servicers working with distressed borrowers have found.
JD Power’s 2023 Mortgage Originator Survey, which will soon release results, is adding some questions about relationships and financial health already asked in the bank and credit card survey.
Martin said what was found in the results, “At a high level, I would say it absolutely has an impact on satisfaction, how it’s performed and how it’s presented. Financial health is becoming a really critical piece of the puzzle.”
Sponsors who are considered to provide the highest level of assistance with their clients’ overall financial health have an average satisfaction score of 828 and a Net Promoter Score of 70. For IMB in the middle, their Satisfaction Score is 733, Net Promoter Score is 70. NPS is 52.
But Martin said lenders considered not doing much in this area had an average customer satisfaction score of 582 and a Net Promoter Score (NPS) of 14.
“If you don’t recognize the nature of my financial situation and what’s going to happen over time and help me get to a better place, I’m going to be less than satisfied,” he said.
Martin said it goes back to the idea of becoming a trusted advisor to consumers looking for a mortgage, which takes months rather than an hour before the search begins.
Rates app is free for everyone, plus Health Messages from Dr. Chopraalso includes mortgage and personal loan services such as fast approval and access to the digital insurance market.
“A shared vision of well-being associated with corporate leadership is the key to emotional and spiritual bonding. This is what effective leadership is,” Dr. Chopra said in a statement in the press release.
Stephen said the health portion of the app aligns with the philosophy of Guaranteed Rate and its business purpose. In addition to content from Dr. Chopra, the app also offers nutrition courses as well as meditation and yoga classes.
So, yes, guaranteed rates hope to get consumers to take out their next loan. “If we said otherwise, we would be lying,” Stephen said. “But more importantly, we want to have a positive impact on their lives and make their lives better. We can make it available to as many people as possible.” “
Ultimately, the question that needs to be answered is, does the app’s purpose resonate with consumers, Martin said?
Most people are very careful about what they put on their phones.
“Downloading an app is in many ways a commitment to a relationship,” Martin said. But it also creates an “adoption barrier,” where people need a reason to want an app.
So even if there’s a free app, the challenge is “convincing people to download it,” Martin said.