AI is transforming the financial services industry. Here’s how nonprofits are changing the game.
In the financial services industry, it’s not enough to check in occasionally with leads to assess their financial needs. Tracking potential homebuyers at every segment of the sales cycle is critical to success. Factor in an uncertain economy that is being revolutionized by artificial intelligence and data becomes even more important.
That’s why HomeFree-USA and its affiliate network are elevating themselves through technology to create greater efficiencies and add new value to partners. One tool they’re using to do this is Salesforce. With the support of partners including Truist and Freddie Mac, HomeFree-USA is changing the game when it comes to the ways counseling organizations and banks work together. That, in turn, is opening the door for more homebuyers.
“Data is critical to understanding the needs, concerns, and strengths of our clients,” says Simone Griffin Taylor, Vice President of Affiliate Relations for HomeFree-USA. “It shows us where they are and what they need to reach the next level of financial excellence. Tools like Salesforce allow HomeFree-USA to deeply assess what their affiliate agencies are seeing daily, aggregate it to find commonalities across the network, and appeal to the government and mortgage industry to create or adjust tools that will ultimately increase sustainable homeownership and develop more savvy consumers.”
Building a Pipeline to New Clients
There are several benefits of the Salesforce implementation, including improved data integration and accuracy, and enhanced security. But one of the most exciting advantages is the ability to bring in new business. With Salesforce, there is the potential for future AI-powered predictive capabilities that can better serve HomeFree-USA’s partners. For example, HomeFree-USA is exploring the use of AI and predictive analytics within Salesforce to better identify mortgage-ready clients and facilitate faster handoffs to partners.
Salesforce has also improved efficiency and data accuracy for HomeFree-USA’s affiliate network. For example, affiliates can update and modify information related to lenders. They can share contact data with partners and share and manage documents within the system.
“If we have data coming in from five or six different systems and one system has your name one way and the other system has your name spelled differently that could end up leading to bad data going to our partners,” says Quentin Cantlo, Chief Information Officer for HomeFree-USA. “Now we have all the data in one system so our accuracy level has increased threefold.”
The automation also makes it easier for HomeFree-USA and affiliates to share data about potential homebuyers so lenders might have an easier time identifying mortgage-ready applicants.
“We know that reporting and data collection are of critical importance to financial services companies,” says Marcia Griffin, Founder and CEO of HomeFree-USA. “We chose Salesforce because we know that a lot of our industry partners are also using Salesforce so we felt that this would be an easy tracking tool for our partners, and one that really puts us in the forefront of the digital transformation that’s occurring in our industry among nonprofits.”
Building a Profitable Future
The use of Salesforce can also help financial services organizations identify new clients and new streams of income. Portland Housing Center, an affiliate of HomeFree-USA, offers homebuying loans. Thanks to Salesforce, “we will be more easily able to track people who are interested in our loans,” says Margot Black, Business Development and Operations Analyst. Then, the Center will be able to reach back out to clients to get repeat business and referrals, Black says.
Agawam, Massachusetts-based Cambridge Credit Counseling Corp., another HomeFree-USA affiliate, has been using Salesforce for about three years. One of the biggest benefits of the technology is being able to drill down and customize data to track grants and other projects, says Jennifer Cosentini, Housing Director for the organization. “The reporting is just fabulous,” she says. “I can report on anything.” As transformative as Salesforce has been to the non-profit housing industry, the future possibilities are even greater. “This benefit ultimately extends beyond the client and our industry to the entire financial services sector,” Griffin Taylor says.
