Quicken Loans Achieves Greater Online Revenues Using Online Customer Experience Solutions from Tealeaf
Leading Online Retail Loan Provider Taps Tealeaf’s Customer Experience Management Software and Finds More than $2 million in Incremental Revenue.
San Francisco, CA – January 26, 2010 - Tealeaf today announced that the nation’s largest Web retail mortgage lender and fifth largest retail lender, Quicken Loans, is delivering an outstanding online customer experience to its Web visitors and achieving superior online revenues using a customer experience management (CEM) solution from Tealeaf®. Tealeaf provides Quicken Loans with deep visibility into the Web channel in order to better understand the customer experience and continuously optimize the site, keeping the online channel seamless and robust.
With more than 15 public-facing Web sites, Quicken Loans’ online channel is critical for generating new loans and providing an outlet for customers to manage their existing loans and applications. The company needed a way to zero in on site errors and identify unpredictable user behavior that might trigger customers to abandon the site, so it opted to implement Tealeaf’s CEM solution to gain visibility into all online activity.
“Unlike in a physical store, it’s impossible to see why a customer experienced a glitch during an online transaction,” said Matt Cardwell, director of e-commerce, Quicken Loans. “That’s why we implemented Tealeaf – the solution provides a 360-degree look at the customer experience from their point of view. This makes it possible for us to find opportunities for improvement across millions of customer experiences monthly. Tealeaf has helped us achieve some of our best business results ever at a time when many of our competitors have fallen by the wayside.”
In addition to gaining the visibility needed to identify site issues that lead to frustrated customers, many of whom abandon flawed transactions, Quicken Loans relies on Tealeaf for a better understanding of where to spend marketing dollars and how to adjust the overall online channel accordingly.
A Better Online Experience Translates to Real ROI
Enabling a true online customer experience competency and providing benefits across the enterprise are important business strategies for customer-centric companies like Quicken Loans. Quicken Loans has incorporated Tealeaf throughout its organization and is seeing returns:
- Tealeaf Helps Quicken Loans Increase Conversion Rates on Web-based Mortgage Applications. By using Tealeaf to zero in on visitors who were repeatedly inputting incorrect information in specific fields on mortgage applications, the company uncovered a barrier blocking one of its predominant online revenue generators. Based on what they saw using Tealeaf’s software, Quicken Loans made three small changes to the text on the mortgage application. These increased the pull-through of the mortgage application by nearly 8 percent and translated into more than a half million dollars in lost revenue recovered.
- Quicken Loans Keeps its Mortgage Calculator ‘in check’ Using Tealeaf. Tealeaf reveals when people input loan amounts too low to qualify them for a mortgage or when idiosyncratic use of commas and decimal points make the amount entered appear smaller than it actually is. The company built a more consumer-friendly mortgage calculator after assessing the findings from Tealeaf, resulting in a retention of almost $2 million per year in otherwise lost revenue.
- Watching the “film.” Quicken Loans conducts weekly inter-team meetings that leverage the session-playback function of Tealeaf. The company reviews the online experiences of its customers to prioritize improvements that need to be made while getting across-the-board visibility into what clients are using and looking for. “Watch the Film” has become a best practice at Quicken Loans; any time the company rolls out a new feature on the site it always immediately schedules a “Watch the Film” meeting to see if there are additional areas for improvement.
“The importance of customer experience cannot be underestimated – especially in an intensely competitive market and during a time when more business is being conducted via the online channel,” said Geoff Galat, vice president of marketing and product strategy, Tealeaf. “Quicken Loans is a shining example of a company committed to raising the bar for the online experience, and in turn, they have ensured that their e-commerce operations are revenue-flow positive.”
About Tealeaf
Tealeaf provides online customer experience management solutions and is the leader in customer behavior analysis. Tealeaf's CEM solutions include both a customer behavior analysis suite and customer service optimization suite. For organizations that are making customer experience a top priority, these solutions provide unprecedented enterprise-wide visibility into every visitor's unique online interactions for ongoing analysis and web site optimization. Online executive stakeholders from ebusiness and IT to customer service and compliance are leveraging Tealeaf to build a customer experience management competency across the organization. Founded in 1999, Tealeaf is headquartered in San Francisco, California, and is privately held. For more information, visit www.tealeaf.com.
About Quicken Loans
Quicken Loans is the nation’s largest online retail mortgage lender and one of the five largest retail mortgage lenders overall. The company closes loans from five Web Centers located in Michigan, Ohio and Arizona, as well as its San Diego-based One Reverse Mortgage unit.
The QuickenLoans.com Web site has been named “Best of the Web” by Forbes and Money magazine. Quicken Loans currently has been named to Fortune Magazine’s “100 Best Companies to Work for in America” list for six consecutive years, ranking as high as #2. The company also has been named one of Computerworld Magazine’s “100 Best Places to Work in Technology” for the past five years. For more information, visit www.QuickenLoans.com.
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