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Quicken Loans Case Study


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The largest US retail mortgage lender on the web relies on Tealeaf for unprecedented visibility into the online user experience for its retail mortgage web site.

Published in: Economy & Finance, Business
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Quicken Loans Case Study

  1. 1. Quicken Loans:The largest US retail mortgage lender on the webQuicken Loans relies on Tealeaf for unprecedentedvisibility into the online user experience for its retailmortgage web site. Through actionable insights providedby Tealeaf, the retail lender has dramatically improvedcustomer conversion, satisfaction and retention.Quicken Loans’ philosophy is to be as close to the customer aspossible. This approach enables a better understanding of customerbehavior and enhances their ability to provide highly targeted CUSTOMER PROFILElending offers. These offers have fueled Quicken Loans’ growth in Quicken Loans conducts 100% of its business via thebecoming the #1 online retail mortgage lender in the US. online channel. With more than 15 public-facing web sites supporting the business, the web serves as its primary touch point to millions of visitors a month.To achieve and maintain this high standard, Quicken Loans takesonline customer experience very seriously, particularly considering RETURN ON INVESTMENTthe online channel is responsible for 100% of company revenues. > > > >Further, given the critical importance of the online channel, Quicken Generated $2M in 8% increase in Tealeaf movie DramaticallyLoans has adopted a number of online tools to help optimize their additional revenue mortgage nights help identify reduced the time from revamped application and prioritize site required tobusiness. mortgage rate conversion rate improvements. diagnose and calculator. fueled by Tealeaf resolve web siteCHALLENGES insights. problems.Web analytics has traditionally been the de facto solution formonitoring web site health. But Quicken Loans often struggled togain deeper customer insights beyond high level reporting andmetrics. Because customers are surprisingly unpredictable in theironline behavior, it’s often difficult to identify all the obstacles thatimpede customer conversion. With web analytics, it is virtually WIN 1—GENERATED $2M IN ADDITIONAL REVENUE FROMimpossible to determine precisely why site conversion has dropped REVAMPED MORTGAGE RATE CALCULATORor why customers have behaved in a certain manner. What Quicken ProblemLoans needed was a solution that could provide better visibility into Quicken Loans had a hunch that a group of online visitors werethe online channel, so that they could make more effective decisions experiencing errors when using their mortgage rate calculator butto improve customer conversion, satisfaction and retention. they struggled to validate the problems with traditional analytics tools.A BETTER APPROACHTo address the challenge, Quicken Loans turned to Tealeaf for an Solutiononline customer experience management solution that would enable Using Tealeaf, Quicken Loans was able to detect that some visitorsthem to get the reporting capabilities of a web analytics solution and were inputting loan amounts that were too low to qualify them for aalso provide the ability to drill-down into the qualitative insights of mortgage. In some cases, the loan amount was actually high enoughreal customer behavior. Now, instead of hypothesizing about peculiar to qualify, but the idiosyncratic use of things like commas andsite trends, Quicken Loans leverages Tealeaf’s unique replay ability (a decimal points made the amount entered appear in the form fieldpage-by-page, browser-level recording of the actual customer less than the actual amount (for example $100,000 entered wasexperience) to quickly diagnose and fix the problems causing failed rendering as $10,000). Once Quicken Loans discovered the rootcustomer experiences. With Tealeaf in place, Quicken Loans is cause, they were able to use Tealeaf to determine how often it wascontinually finding areas of their site to optimize with astounding occurring, assign a total “lost-revenue” value to the error, and thenbusiness benefits. build a more intuitive mortgage calculator that automatically corrected variations in form field inputs.tealeaf | Quicken Loans
  2. 2. Quicken Loans Visibility. Insight. Answers. With Tealeaf, it’s exponentially easier to understand customer behavior and uncover usability and site issues that can lead to, in all seriousness, millions of dollars in savings. Matt Cardwell | Director of Web Site MarketingBenefit WIN 3—TEALEAF MOVIE NIGHTS HELP IDENTIFY ANDAlthough the mortgage rate calculator glitch was only happening PRIORITIZE SITE IMPROVEMENTSa few dozen times per day, over the course of a year, the lost Problemopportunity was adding up. In fact, by fixing this particular issue Unknown site flaws quietly degrade customer experience over time,with help from Tealeaf, Quicken Loans was able to retain almost causing frustrated customers and lost revenue. The reality is, until$2 million a year in otherwise lost revenue. you see the actual online experience through your customers’ eyes, it is difficult to obtain an accurate picture of the many obstacles theyWIN 2—8% INCREASE IN MORTGAGE APPLICATION encounter on the site. Quicken Loans knew these type of issuesCONVERSION RATE FUELED BY TEALEAF INSIGHTS existed but struggled to identify and resolve them.ProblemOnline mortgages are a key revenue stream for Quicken Loans. SolutionUnfortunately, their customer-facing web site was plagued by a Once a week, Quicken Loans’ marketing, IT and ebusiness teams getnumber of application issues that created a substantial barrier to together for a meeting called Tealeaf movie nights. Using Tealeaf’sconversion. Over time, small (or unknown) site issues can erode the replay capability, they review actual online customer sessions tocustomer experience and negatively impact revenue. Further, as the identify site flaws and uncover usability issues in order to prioritizesite scales in traffic volume, the more these issues affect the business. site improvements. This approach enables cross-organizationQuicken Loans needed a solution that would provide crystal-clear visibility into how customers use the site and helps determine wherevisibility into the online customer experience, in order to remove to focus improvement efforts for site enhancements.impediments to conversion and improve customer satisfaction andretention. Benefit Tealeaf movie nights have helped Quicken Loans unearth a numberSolution of hidden usability and site issues that would have otherwise goneWith Tealeaf’s unique replay ability, Quicken Loans is now able to gain unnoticed. Based on key insights provided by Tealeaf, the companythe actionable insights it needs to optimize their online customer has created a more user-friendly site, which, in turn, has improvedexperience. For example, after analyzing customer sessions in Tealeaf, customer satisfaction and retention.Quicken Loans noticed a disturbing trend. Customers often struggledto complete their mortgage application because they simply did not ABOUT TEALEAFunderstand the instructions. Unbeknownst to them, Quicken Loans Tealeaf provides online customer experience management solutionswas actually impeding the process, by having confusing messaging and is the unchallenged leader in customer behavior analysis.that lacked a ‘human touch.’ After seeing so many customers falter, Tealeaf’s CEM solutions include both a customer behavior analysisthey rewrote the instructions and conversion improved substantially suite and customer service optimization suite. For organizations thatas a result. are making customer experience a top priority, these solutions provide unprecedented enterprise-wide visibility into every visitor’sBenefit unique online interactions for ongoing analysis and web siteAlthough the changes made were small, the results were optimization. Online executive stakeholders from ebusiness and IT tobig—Quicken Loans increased conversion of their mortgage customer service and compliance are leveraging Tealeaf to build aapplication by nearly 8%. This increase generated five hundred customer experience management competency across thethousand dollars in otherwise lost revenue per year and a more organization. Founded in 1999, Tealeaf is headquartered in Sanuser-friendly experience for their customers. Francisco, California, and is privately held. For more information, visit © Copyright 2010 Tealeaf Technology, Inc. All rights reserved. Tealeaf, Tealeaf Technology, the Tealeaf logo, and other Tealeaf products and services mentioned herein are the registered or unregistered trademarks and service marks of Tealeaf Technology, Inc. All other trademarks or service marks are the property of their respective holders and are hereby acknowledged.