Banking and Finance

How Soprano helps to Increase up to a 200% in Loan Application Responses

Automated Voice Messaging

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.

The Solution

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.
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The Result

 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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Soprano Connect’s Customers

Soprano Design have more than 4500 customers globally across APAC, EMEA, LATAM and the US.

Our customers range from large corporations to independent companies across every industry possible including Government, Healthcare, Finance, Education, Retail, Manufacturing and Logistics.

Soprano Connect is a leading communications platform-as-a-service (CPaaS) credited by IDC as a “Major Player” in CPaaS and by 451 Research as a “CPaaS Vendor to Watch” in 2021.

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