Abacus helps a company handle a spike in commercial loans with more efficient customer service tools.
Overview
Goal
Industry: Financial Services
Key stats:
- Increased application conversion rates by 25%
- Increased total messaging response by 75%
Major takeaways:
- Chatbots are more scalable than live chat services.
- Chatbots can help your customer service and sales teams by scheduling meetings and screening inquiries, and answering questions during the loan application process.
A financial services company based in the Midwest saw increased demand for commercial loans, and seeks a tool that enables quick in-application messaging. They were having a lot of success with live chat, but like all humans, their bankers were limited in their ability and were unable to keep up with the increase in the number of loan application conversions without significantly increasing their team size.
The Need: “We needed a messaging tool that could scale with our business and increase the volume of our loan applications, leading to the increase in total assets for loan volume—the metrics my loan officers are measured on.” —VP of Consumer Lending
How a Chatbot like Abacus can help:
Chatbots are more scalable than live chat services. Chatbots can help your customer service and sales teams by scheduling meetings, screening inquiries and answering questions during the loan application process.
For them, automating lead-qualifying loan applications allowed them to have more conversations. Automating the scheduling process let them turn more of those conversations into closing discussions (particularly on the mortgage side of the business).
After introducing Abacus AI technology, the company saw and increase of 25% in application conversion rates, and a 75% spike in total messaging response.
