One-third of All Loan Applicants Don’t Click “Submit”

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Centrinex’s customer service representatives are empowered to find out why and save the business

The online loan application process is purposely streamlined for the customer’s convenience, yet there is still a 10 to 15 minute time investment involved. Approximately one-third of loan applicants complete the application without officially submitting it for approval.

Why?

There could be any number of reasons why applicants abandon the loan process after filling out the application. Maybe dinner is ready. Maybe the kids needed attention. Perhaps the phone rang. Perhaps it’s a matter of cold feet and the applicant just isn’t convinced that your product is the right solution.

The point is that you will never find out unless you ask. No one is in a better position to do that than a highly trained and dedicated customer service representative (CSR).

Clearly, the applicant is interested in your loan product if he or she took the time to complete the online application. So why accept that one-third of your business is gone for good – poof? Centrinex CSRs contact the applicant immediately. No, our CSRs are not salespeople. But they are trained in your product. They understand all of the options, and they can walk an applicant through the final decision process.

More importantly, our CSRs are empathetic people, trained to discuss the applicant’s goals and offer advice on specific products to ensure the applicant gets the financial solution best suited to him or her.

Is it a successful approach?

Here is what we know:

  • One-third of all applicant’s do not click the “submit” button after spending 10 to 15 minutes filling out the online loan application
  • Our customers achieve a 15 to 20 percent higher conversion rate after our CSR immediately contacts applicants who have abandoned the application

Those are some impressive statistics, which just goes to show how important having engaged CSRs is to your business. Hiring and retaining committed CSRs is why Centrinex is ranked one of the top call centers in the U.S.

Interested in saving up to 33% of your loan applicants? Trust our CSRs to follow up with your customers.