Banking and Finance
How Soprano helps to Increase up to a 200% in Loan Application Responses
How to increase response rates with loan applicants?
Response rates for promotional mortgage loans were stagnated at just 13%. Because of that, market share started to decline as customers drifted elsewhere for the services and experiences they were looking for. The bank’s competitors were doing a considerably better job communicating with loan applicants about where they were in the process.
Adding SMS to speed up the loan application process
- The bank added SMS to speed up the loan application process and improve the customer experience.
- The bank integrated its in-house loan application software with mobile reminders.
- Bank employees received an automated text message of new loan application submissions.
- Externally, customers were informed at every step in the process.
Response rates seen an improvement of 200%
Response rates for promotional loans jumped from 13% to 40% – an astounding improvement of 200%. Adding an SMS channel to the bank’s digital communication strategy was a simple, but critical step in growing the bank’s customer base and vastly improving the customer experience.
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