Texting for Success: National Lender Increases Conversions from Application Approvals to Funding by 25%
The financial service provider, a customer-focused lending institution, saw a chance to improve its operations and customer interactions. By using SMS and MMS solutions from Solutions by Text, the lender made document collection easier, increased conversions from application approval to funding, and gave customers better self-service options.
Results
25%
increase in Application Approval to Funding Conversions
15%
increase in Refinance Take Rate
The implementation of compliant text messaging has yielded remarkable outcomes for the lender:
Increased Collections
The lender’s text payment campaigns have proven to be exceptionally effective, generating payments at a rate of two to one compared to traditional methods. This increased efficiency not only improved the bottom line, but also empowered customer self-service, allowing agents to focus on relationship-building and
Improved Call Center Efficiency
Improved performance from text payment campaigns led to increased call center efficiency, eliminating the need to backfill natural attrition and yielding significant cost savings for the lender.
By leveraging text messaging for loan origination, servicing, and payments collection, the lender has fostered greater efficiency and increased satisfaction among both customers and agents.