HomeEquity Bank (HEB)
Unlocking $54.4M in Revenue for Canada's Leading Reverse Mortgage Provider
ENGAGEMENTCustomer research, digital transformation strategy, and operational redesign.
sECTORFinancial Services / Banking / Reverse Mortgages
OVERVIEWHomeEquity Bank, Canada's largest reverse mortgage provider, was losing revenue it couldn't see. Rising interest rates and operational friction were slowing growth. We ran deep customer research and end-to-end process analysis, surfaced $54.4M in annual lost revenue, and delivered a roadmap to fix it.
customers surveyed to map digital comfort and attitudes
274
stakeholder interviews conducted across the lead-to-fund process
24+
32
operational improvement opportunities analyzed and prioritized
$54.4M
in annual lost revenue identified due to process friction
10,250
incomplete applications addressed through process redesign
1
prioritized digital transformation roadmap delivered to guide PMO & leadership
The ProblemHEB needed to modernize without losing the high-touch service model that defined their brand. The lead-to-fund process was fragmented and manual. Operational friction was eroding revenue no one had quantified yet.
What We Built-
HEB replaced age-based assumptions with attitudinal segmentation (Tech Forwards, Tech Pragmatists, and Tech Laggards) creating a more accurate foundation for digital experience design and adoption.
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End-to-end process analysis surfaced $54.4M in lost annual opportunity, giving leadership clear visibility into where friction, rework, and delays were eroding growth.
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A practical, value-led roadmap now guides sequencing of digital and operational investments, aligning customer impact, efficiency gains, and organizational capacity.
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HEB established principles for delivering consistent, human-centred service across phone, branch, and digital enabling customers to move seamlessly between channels without friction.
OutcomesBL surfaced $54.4M in annual lost revenue tied to operational friction and defined 32 improvement opportunities, with priority initiatives delivering $2.8M-$4M each. We replaced age-based assumptions with attitudinal segmentation, giving HEB a more accurate foundation for every digital and service decision. The work now guides investment decisions across HEB's PMO and informed a national brand campaign.
"Boardroom Labs' research opened up a real opportunity for us to better support Canadians 55+ and help them live retirement on their own terms."
- Callum Tyrrell, Chief Marketing Officer
You know something needs to change. Let's figure out what.
Two weeks. No cost, no obligation.