New movers are consumers who are in the process of moving or have moved within the last 12 months. These consumers are incredibly dynamic. The move represents a transition point in their lives, where many major decisions are being made — including seeking mortgage lenders, switching banks, and finding new financial service providers. And, with more than 30 million people on average in the U.S. moving each year, the new mover audience has proven to be a massive and highly lucrative opportunity for providers across verticals to boost customer acquisition and curb attrition.
New Movers’ Financial Trends
1. New movers switch financial services and banks providers prior to moving.
One in two new movers changes financial service providers prior to moving. Consequently, new movers become a liability and an opportunity. The number one reason customers switch banks is because they are relocating. In fact, 61% of people have left their bank for a reason other than dissatisfaction with their current bank according to a report by Bank Clarity. Major life events, such as moving, changing jobs, or changing marital status are the top three reasons people switch banks.
While bank customers overall are slow to switch banks, millennial customers were the most likely to switch their primary bank in the past year, according to Gallup data. According to a study commissioned by Kasasa and conducted by Harris Poll, 8 out of 10 millennials would switch banks if one offered products with more or better rewards, such as cash back, high yields and refunds on ATM withdrawals.
The key to reducing attrition is to ensure consumers are reached as early as possible in the moving process with targeted marketing campaigns. MoverMatch enables you to learn which of your customers are moving before they move so you can retain them at their new location. The ability to know if consumers are moving 2-6 weeks before the move occurs, as well as where they are moving to and from provides an unparalleled hyper-targeting opportunity.
2. Nearly one in two new movers are researching mortgage companies before moving.
Nearly half (48%) of consumers are researching mortgage providers prior to moving. In fact, new movers spend 3.9 months on average researching mortgage lenders prior to moving.
Do you know who these premovers are? Are you able to identify which of your customers are in the moving process so you can offer them mortgage information? By using a vendor who has data on who is browsing for mortgages in the premove stage, you can ensure your marketing campaigns reach these customers at the right time on the right channels.
3. Seven in ten new movers wish they had more resources to help them during the process.
Moving is typically a stressful, complicated experience. In fact, 72% of new movers say the process of moving is more stressful than they imagined and 7 in 10 wish they had more resources to help them during the process. This is a valuable opportunity for financial providers to engage with new movers by offering helpful tips and resources to make the move easier.
For example, only 19% of new movers have a budget in mind for both the move and the purchases they need to make once they move — and after moving more than a third spent more than they’d planned. A proactive way that banks and other financial service providers can help simplify this aspect of the move for customers is by providing a moving budget guide or checklist.
4. Today’s new movers are seeking homeownership.
Around 70% of new movers anticipate they will move again within the next year. Although 72% of new movers feel that moving during the pandemic was more difficult than it was prior to COVID-19, nearly 3 in 5 would be likely to move again during the pandemic.
Of those looking to move in the next three months, 61% are planning to own a future residence. This suggests a large rise in homeownership, coupled with the fact that many of these new movers will seek out mortgage lenders or may be in-market for a new financial institution entirely.
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New Mover Marketing Solutions for Financial Service Providers
If you think you know what new mover marketing is, think again.
The days of merely sending new movers direct mail and stagnant emails are over. Today’s new mover marketing offers proprietary data, deeper insights, and superior technology.
The solution is fueled by Porch technology, who provides software and services to home services companies. Through these companies, Porch gains early access to homebuyers, seeing 80+% of all U.S. moves per year. This proprietary source of information is combined with Porch Group Media’s rich foundation of marketing data and insight to form the MoverTech suite of new mover marketing data and technology solutions. MoverTech works by enabling financial service providers to target moving consumers with omnichannel and digital programs throughout the entire move journey.
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Are you ready to learn more about how MoverTech will help you attract and retain customers? Schedule a demo today.