Home Resource Library Case study A home of one’s own: How Pennymac makes homebuyers happy

A home of one’s own: How Pennymac makes homebuyers happy

Tools used

  • Email based surveys
  • Online and offline data collection
  • Text Analytics
  • Hierarchy Management
  • Action Management

As one of the leading mortgage service providers in the country, Pennymac places great emphasis on customer service to ensure their homeowners have the best possible experience throughout their home buying journey. Pennymac was looking for the right technology partner to not only support this goal but also exceed it.

The challenge

How can you understand your customers when you never see them?

Pennymac’s customer experience (CX) team from the Servicing division had its work cut out when expanding the program across the organization. The goal was to make the CX program more robust by increasing customer touchpoints and mapping the customer journey in more detail. In Pennymac’s mission to build a foundation of homeownership, the mortgage provider was determined to find an efficient route to higher customer satisfaction levels. In addition, Pennymac wanted to get deeper insights from customer survey responses

Our solution

Giving a voice to Pennymac’s customers

Forsta found a way to help Pennymac listen to their customers more intently. Pennymac ran customized email surveys and managed the gathered data effectively. Forsta’s Text Analytics tool also gave Pennymac a mechanism to easily decode customer verbatims. With this tool, Pennymac can now tag customer comments by sentiments. This lets them focus on all customers, not just those who gave low NPS scores. These sentiment-led insights now form the backbone of many CX improvement efforts within Pennymac. Now, Pennymac has the ability to export all survey data and manage it centrally. This way, many important insights are captured and shared with the right team to drive actions and improvements across the board.

The results

Closing the loop, for real

Pennymac has progressed significantly since launching its CX program in 2016. Pennymac has taken necessary steps to enhance customer experience thanks to the insights gathered from its ongoing survey data and the ability to act on these via the Action Management tool.

A key game-changer is the Text Analytics tool to help categorize all customer comments by sentiment. This way Pennymac can find opportunities to improve services, identify individual customer issues, and quickly resolve these to close the loop.

6,400

comments analyzed using Text Analytics and Action Management

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