Persado’s AI-Based Language Platform Delivers Triple-Digital Lift for Mortgage Firm Mr. Cooper
Persado’s AI platform and data-driven approach to multi-channel communications helped Mr. Cooper drive retention while also reducing costs
NEW YORK–(BUSINESS WIRE)–Persado, the leading AI-platform that unlocks the value of the right words at every customer interaction, announced it has signed a long-term agreement with Mr. Cooper (NASDAQ: COOP), the nation’s largest non-bank mortgage servicer, to help customers uncover more cost-effective options when managing their finances. Based on early testing, Persado’s multi-channel engagement delivered a 74% average conversion lift, including helping Mr. Cooper’s customers turn on paperless communications in a “go green” initiative and discover new ways to refinance at lower rates.
Mr. Cooper is dedicated to helping its customers through the entire homeownership journey, whether that’s managing their current home loan, refinancing or applying for a new home loan. The company began actively engaging Persado in a pilot program to improve the customer experience by helping its existing customers better understand their options for several available services, including mortgage check-ups, paperless enrollment and home loan refinancing. While using Persado’s AI platform, Mr. Cooper saw double and triple-digit conversion lifts across those services, resulting in strong ROI and customer retention.
Kelly Ann Doherty, Chief People and Communications Officer at Mr. Cooper, said, “At Mr. Cooper, we are hyper-focused on providing a customer-centric experience, and we aim to provide our customers with helpful information and resources as they manage their home loan – which all starts with the communication they receive from us. Persado set ambitious goals for how their AI-platform would perform for us, and they exceeded expectations for both level of service and overall results. We’re excited to see the positive impact this is having on our customers’ experience with more effective communications at each touchpoint.”
“Mr. Cooper is a leader in the mortgage servicing industry and we’re pleased that Persado’s AI-based language is driving stronger customer relationships and business results,” says Jason Heller, President at Persado. “We look forward to our continued work with Mr. Cooper and helping more of their customers.”
As priorities shift due to the current pandemic and market conditions, AI-based language can be used for all forms of communication, including helping Mr. Cooper better convey forbearance options, set up payment plans and keep their customers engaged during this difficult time. By coupling a customer-centric approach with data-driven analytics, Mr. Cooper is helping their customers take proactive action toward managing their finances when they need it most.
“We always strive to have candid and open conversations about business impact and how to scale the impact of AI, and this is a testament to what’s possible when both sides work as true partners,” said Don Selm, Head of Business Development and Partnerships at Persado.
Mr. Cooper has a COVID-19 resource center that is offering assistance with forbearance planning for customers facing financial hardship due to the pandemic, allowing homeowners to temporarily pause monthly mortgage payments for at least three months with the option to extend to 12 months.
Persado is an AI platform that unlocks a lever of value creation using the right choice of words for all customer interactions across the enterprise. By unlocking the power of words, companies win every customer moment, experiencing dramatic new levels of brand engagement and revenue performance. Leading global brands, including Chase, Humana, William Sonoma, American Express, Vodafone, Dell, Microsoft, and Verizon rely on Persado to generate content in a dramatically new way to unlock the value of messaging and emotionally engage consumers, one by one, moment by moment, at scale.
The Persado platform uses sophisticated AI, data science, computational linguistics, and machine learning to generate the perfect message by leveraging the world’s most advanced language knowledgebase of more than one million tagged and scored words and phrases. Companies can gain full visibility with quantifiable results and data-driven insights to identify the trends and language that wins every moment in the customer journey while ensuring the message always reinforces brand voice.
About Mr. Cooper
Mr. Cooper is the consumer brand for the mortgage servicing and originations operation of Mr. Cooper Group Inc. (NASDAQ: COOP). Based in Dallas, Texas, Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies to make the home loan process more rewarding and less worrisome. Please visit www.mrcooper.com for the latest news and information.
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