Commonwealth Bank: Home seeker
Advertiser: Commonwealth Bank
Author: Will Nichols
Total Campaign Expenditure: Under $500K
STRATEGIC COMMUNICATIONS CHALLENGE
The Australian home loans market is highly competitive. The big four banks, brokers and smaller lenders ferociously compete for valuable home buyers. Convincing these buyers to speak to the Commonwealth Bank (CBA) and begin the application process is vital to success.
However, analysis of the bank's application process showed that 85% of pre-approved customers do not convert to a fully funded home loan within the six month approval period. This was occurring despite the fact that these customers had already gone to the trouble of providing their financial details and speaking with the bank to gain approval.
We needed to understand why they weren't converting with us. Three main factors were in play.