One of the leading companies in the loan lead business has developed a predictive modelling service which will enable lead buyers to identify which loan leads are more likely to result in a customer taking out a loan. The company is known as ileads.com and its new modelling system is called LeadScore.
Together they aim to change the loan lead market by giving buyers the opportunity to find out which leads are likely to offer the greatest return on investment. The whole system is said to work in milliseconds and save both time and money.
The system works by using numerical data to predict the likelihood of an existing homeowner needing a new loan in the near future. Each lead is given an individual score, which indicates how successful the lead will be, in becoming an actual paying customer. Test runs using the program have shown that loans leads given a higher score by the program were four times more likely to result in a loan than leads with lower scores. Once a loan lead buyer has this information they can use it to determine in which order they will approach the leads to offer their products and services. These leads which have a higher score are more likely to need a loan soon and therefore loan lenders could target these people first before they go cold.
To use the system, all that is required is for the loan lenders to forward details of the leads that they have purchased to iLeads.com who then process them through the system and attribute them with a score. The scores are then passed back to the lender, who can then use them to prioritise their customers. In addition to this system buyers can also purchase a range of other products which aim to help customers meet their business intelligence and reporting needs.
The company also offers a traditional loan lead generation service, which provides loan leads for a Varity of products. Most of the loan leads are derived from the internet, where people looking for a financial product have willingly entered in their details on particular sites. These leads are then bundled up according to type and sold to the loan lenders. If the loan lenders want to set their own criteria there is the option to specific certain factors including which postcode areas they would like their leads to be generated from and the number of leads they require. The leads are provided as soon as they are generated, as the run around time between customers submitting their requirements to the web and being contacted by a loan lender is crucial. Research in this area has found that customers can go ‘cold’ if they are not contacted about by lenders about possible loan options relatively soon after they have submitted their request. The service provides a way for loan lenders to find customers that match their products and now with the introduction of LeadScore, loan lenders will also be able to discriminately target the leads they purchase in order to maximise their results
