The news: Alliant Credit Union is trying to build deeper relationships with future mortgage customers with its Journey Home Savings program offered jointly with Neighborhood Intelligence, per a press release.
The program follows consumers from saving for a down payment through buying and moving into a home.
Why it matters: Alliant is trying to acquire mortgage customers before they're mortgage customers. And the program’s distribution—through both Alliant and Neighborhood Intelligence partners like Bed Bath & Beyond, The Container Store, and Overstock—can help get its target consumers’ eyes on its brand earlier in their homebuying journeys.
The strategy gives Alliant something beyond a mortgage rate to compete on. By connecting savings, home search, financing, closing, and other services, the credit union is trying to make itself part of the entire homebuying process.
Will it work? Getting in early doesn't guarantee Alliant will keep the relationship. The additional savings reward requires customers to finance their home through Alliant, and prospective borrowers will still have an incentive to compare mortgage rates and terms when they're ready to buy.
Plus, Alliant isn't the only...