OpenClose Launches Social Media Marketing Solution aimed at Lenders

WEST PALM BEACH, FL — 10/25/10 — OpenClose has announced at the Mortgage Banking Association’s 97th Annual Convention & Expo that it has launched OpenClose Social: the first online social media management solution for credit unions, banks, and mortgage lenders. With OpenClose Social, users can easily create and post social media content simultaneously on Facebook, Twitter, YouTube, corporate website, blogs, and even SMS text messaging. It allows marketers to aggregate news and content for posting and distribution, then monitor, track and analyze what’s being said about their industry, company, and competitors. .

Banks and credit unions are ideal candidates for social media marketing since they already rely so heavily on communication from its members and customers. Prior to the launch, OpenClose conducted market research that identified a strong interest of utilizing social media in the lending sector, recognizing was a trend that could not be ignored. Whether it’s to help improve customer service or educate them on lending programs, there is no better, faster, and more cost effective way for lenders to communicate than through social media.

What makes OpenClose’s entry into the social media so notable is that it leverages its more than ten years of online software development for the online loan and lending industry. The new product allows for the non-technical to create lead generation “widgets” – customizable, self-contained forms to spur interest, capture information, and generate targeted leads. OpenClose Social includes industry-specific tools like mortgage pricing, home valuation, and auto valuation. Management believes its value proposition of an integrated lending platform of loan pricing and origination is further enhanced by adding a connectivity layer to emerging social networks and the new commerce channels they create.

“Social media offerings are limitless,” said Jason Regalbuto, CEO, OpenClose, “but for businesses the purpose is to open conversation, generate targeted leads, and close sales.  OpenClose Social provides clients with an easy way to create and distribute content, track to see who is reading and commenting on it, then nurturing participants into leads, and finally, leads into clients. Any industry can benefit from social media, but none greater than those in lending.”

 OpenClose launched its beta version for lenders this month with a handful of credit unions and banks. The company will roll out the lending relationship management solution for wide release by year’s end.