Statistics show that the time it takes to follow up on inbound inquiries impacts conversion rates. Making contact within a five vs. ten minutes improves contact rates by 500 percent.
“Borrowers are interested in your product and services. If you can reach them and tell them what you can offer, it absolutely leads to additional sales and revenue,” says Marcus Bontrager, Senior VP and Director of Customer Service for Citi Mortgage.
Citi’s web lead process wasn’t optimized to its full potential. Average follow-up time was 38 minutes from when the web lead came in to when a Citi Mortgage agent dialed out to the customer. “We were just converting at such a slow and low percentage,” acknowledges Bontrager.
“Our goal in any interaction is to ‘wow’ our clients. Whether customers are responding to a digital campaign or visiting our website, we want to interact with them within minutes.”
Citi had worked with Nuance previously to successfully automate interactions in customer service, collections and loss mitigation. Now, they wanted to automate the follow-up process for loan origination leads captured on their website. The goal was to make Citi loan counselors more responsive.