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Speed Sells: Accelerating the Mortgage Sales Cycle

Varolii Communications
Varolii Communications

Varolii helped Citi reduce average response time to web leads from 38 minutes to 3 minutes. When prospects visit the Citi website to shop for a new mortgage or refinance, a profile is created in Salesforce.com and Varolii makes a call into the contact center alerting an available agent to the lead and giving them 45 seconds to review the information and connect back to the prospect.

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Case Study Mortgage Origination Making the case for speed Statistics show that following up on web leads within five minutes of initial inquiry improves contact rates by 500 percent in comparison to just 10 minutes. 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. The wow factor Citis web lead process wasnt 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. Speed Sells: Accelerating the Mortgage Sales Cycle How a top mortgage lender used fast and first customer interaction technology to turn shoppers into buyers When selling mortgages, speed matters. The first lender to reach a lead typically closes the deal. In fact, 78 percent of buyers close with the first company that contacts them. Citi Mortgage used this fast and first approach to create a lead response strategy that accelerated interaction with potential buyers, resulting in a surge in lead-to-sales conversion. Our goal in any interaction is to wow our clients. Whether customers are responding to a digital campaign or visiting our web- site, we want to interact with them within minutes. Accelerating the process Citi had worked successfully with Varolii for three years to automate customer interactions within other areas of their business including customer service, collections and loss mitigation. When Citi approached Varolii about automating the web lead process for originations, they proposed a solution that integrates Citis Salesforce.com lead management application with the banks existing call center technology. Now, when customers visit the Citi website to shop for a new mortgage or refinance, Our conversion rate off this first attempt has been phenomenal. Now, were wowing our customers on a daily basis, thousands of times a month. - Marcus Bontrager, SVP Director, Customer Service Citi Mortgage Challenge Generate more closed loans by shortening the response time to web leads and responding to potential customers first. Solution Automate the web lead follow up process and connect potential buyers with available agents faster. Results Reached 80% of prospects within minutes of completing the online application Reduced average response time from 38 minutes to 3 minutes Doubled the conversion rate off first time attempts Higher agent utilization saved labor costs Customer Citi Mortgage 5 10 15 20 25 30 35 40 45 0 2,000 9,000 TIMEINMINUTES CONTACTS REACHED FROM INITIAL CALL WEB LEAD FOLLOW UP - INDUSTRY PERFORMANCE Source: Insidesales.com
息 Copyright 2012, Varolii Corporation. Varolii速 is registered trademark of Varolii Corporation. Varolii ID, Varolii Interact and Intelligent Channel Management are trademarks of Varolii Corporation. All rights reserved. Mortgage Origination Case Study a lead profile is created in the companys CRM system; in Citis case, Salesforce.com. At the same time, the customer receives a confirmation email and Salesforce sends a lead record to Varolii. Varolii makes a call into the contact center alerting an available agent to the lead, gives the agent 45 seconds to review the information, makes a call to the customer and connects the customer to the agent. It was incredibly simple to set this up with Varolii and required zero IT resources or expense, says Bontrager. Real-time means real results Varolii provided Citi Mortgage with real-time monitoring and campaign controls so the company could manage how and when the app was running. Custom reporting made it easy to assess key performance measures. In Citis case, real-time report data showed the majority of leads were being contacted within zero to three minutes, with an The conversion rate off of first attempts has doubled. Outbound Team Manager, Citi Mortgage Agent productivity is way up since we moved to Varolii. Sales Manager, Citi Mortgage Wow, you guys are fast. I submitted something online for another bank last week and they still havent called me. Citi Mortgage Customer average time of three minutesa vast improvement over the previous 38 minutes and square within that five-minute window for maximum ROI. Since weve implemented Varolii, weve improved our ability to reach customers faster and now were often the first one to connect with them, acknowledges Bontrager. The faster you can make that initial contact, the more likely you are to turn a shopper Into a buyer. Making first impressions count With a near-immediate response, agents are more likely to reach customers when they are at a computer and near a phone, so the first attempt is usually the best attempt. Previously, agents were having to make three to four attempts, on average, to reach the customer. Our conversion rate off this first attempt has been phenomenal, admits Bontrager. Now, were wowing our customers on a daily basis, thousands of times a month. BANKS CONTACT CENTER BANKS APPLICATIONS About Varolii Varolii is a market leader in customer interaction management for large enterprises looking to better engage their customers and employees and achieve better outcomes. Our applications enable highly personalized, cross channel communications through voice, email, SMS and mobile devices. www.varolii.com Contact Us 800.206.2979 or info@Varolii.com Customer Agent VAROLII INTEGRATION LAYER (SOAP) VAROLII INTERACT APPLICATIONS Agent Connect Best Time to Call Call Center Hours/Capacity Voice Channel SMS Channel Email Channel LENDING WEBSITE Varolii ID Input Logic Pre-Contact Logic Results Process

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Speed Sells: Accelerating the Mortgage Sales Cycle

  • 1. Case Study Mortgage Origination Making the case for speed Statistics show that following up on web leads within five minutes of initial inquiry improves contact rates by 500 percent in comparison to just 10 minutes. 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. The wow factor Citis web lead process wasnt 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. Speed Sells: Accelerating the Mortgage Sales Cycle How a top mortgage lender used fast and first customer interaction technology to turn shoppers into buyers When selling mortgages, speed matters. The first lender to reach a lead typically closes the deal. In fact, 78 percent of buyers close with the first company that contacts them. Citi Mortgage used this fast and first approach to create a lead response strategy that accelerated interaction with potential buyers, resulting in a surge in lead-to-sales conversion. Our goal in any interaction is to wow our clients. Whether customers are responding to a digital campaign or visiting our web- site, we want to interact with them within minutes. Accelerating the process Citi had worked successfully with Varolii for three years to automate customer interactions within other areas of their business including customer service, collections and loss mitigation. When Citi approached Varolii about automating the web lead process for originations, they proposed a solution that integrates Citis Salesforce.com lead management application with the banks existing call center technology. Now, when customers visit the Citi website to shop for a new mortgage or refinance, Our conversion rate off this first attempt has been phenomenal. Now, were wowing our customers on a daily basis, thousands of times a month. - Marcus Bontrager, SVP Director, Customer Service Citi Mortgage Challenge Generate more closed loans by shortening the response time to web leads and responding to potential customers first. Solution Automate the web lead follow up process and connect potential buyers with available agents faster. Results Reached 80% of prospects within minutes of completing the online application Reduced average response time from 38 minutes to 3 minutes Doubled the conversion rate off first time attempts Higher agent utilization saved labor costs Customer Citi Mortgage 5 10 15 20 25 30 35 40 45 0 2,000 9,000 TIMEINMINUTES CONTACTS REACHED FROM INITIAL CALL WEB LEAD FOLLOW UP - INDUSTRY PERFORMANCE Source: Insidesales.com
  • 2. 息 Copyright 2012, Varolii Corporation. Varolii速 is registered trademark of Varolii Corporation. Varolii ID, Varolii Interact and Intelligent Channel Management are trademarks of Varolii Corporation. All rights reserved. Mortgage Origination Case Study a lead profile is created in the companys CRM system; in Citis case, Salesforce.com. At the same time, the customer receives a confirmation email and Salesforce sends a lead record to Varolii. Varolii makes a call into the contact center alerting an available agent to the lead, gives the agent 45 seconds to review the information, makes a call to the customer and connects the customer to the agent. It was incredibly simple to set this up with Varolii and required zero IT resources or expense, says Bontrager. Real-time means real results Varolii provided Citi Mortgage with real-time monitoring and campaign controls so the company could manage how and when the app was running. Custom reporting made it easy to assess key performance measures. In Citis case, real-time report data showed the majority of leads were being contacted within zero to three minutes, with an The conversion rate off of first attempts has doubled. Outbound Team Manager, Citi Mortgage Agent productivity is way up since we moved to Varolii. Sales Manager, Citi Mortgage Wow, you guys are fast. I submitted something online for another bank last week and they still havent called me. Citi Mortgage Customer average time of three minutesa vast improvement over the previous 38 minutes and square within that five-minute window for maximum ROI. Since weve implemented Varolii, weve improved our ability to reach customers faster and now were often the first one to connect with them, acknowledges Bontrager. The faster you can make that initial contact, the more likely you are to turn a shopper Into a buyer. Making first impressions count With a near-immediate response, agents are more likely to reach customers when they are at a computer and near a phone, so the first attempt is usually the best attempt. Previously, agents were having to make three to four attempts, on average, to reach the customer. Our conversion rate off this first attempt has been phenomenal, admits Bontrager. Now, were wowing our customers on a daily basis, thousands of times a month. BANKS CONTACT CENTER BANKS APPLICATIONS About Varolii Varolii is a market leader in customer interaction management for large enterprises looking to better engage their customers and employees and achieve better outcomes. Our applications enable highly personalized, cross channel communications through voice, email, SMS and mobile devices. www.varolii.com Contact Us 800.206.2979 or info@Varolii.com Customer Agent VAROLII INTEGRATION LAYER (SOAP) VAROLII INTERACT APPLICATIONS Agent Connect Best Time to Call Call Center Hours/Capacity Voice Channel SMS Channel Email Channel LENDING WEBSITE Varolii ID Input Logic Pre-Contact Logic Results Process