SoFI Reaches 66% more graduates for 8% more funded loans
Leading consumer fintech brand, SoFi, sees phenomenal results by using Regal to call and text the right members at the right time.
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"We've seen answer rates go up and success with Regal that delivers strong returns we can truly measure."
In Regal the SoFi team found a built-for-purpose sales tool which allowed them to easily design logic around which customer gets which calls & texts at any given moment.
SoFi was founded in 2011 with the goal of offering better financial terms for student loans and student loan refinancing. The company has since expanded its offering to a comprehensive series of financial products, all while avoiding staffing and maintaining of brick & mortar branches.
Today you could use SoFi for your whole financial life as it offers savings and checking accounts, credit cards and rewards, personal and home loans, credit monitoring, trading and investing, and insurance products.
In 2021 SoFi became a publicly traded company, and in 2022 it was granted approval by federal regulators to become a national bank. This meant SoFi could stop relying on third-party banks for its products, thereby reducing its cost of capital. Good news for SoFi members that now get better terms across the product suite.
SoFi never stops innovating to improve the lives of their members.
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How to connect with more prospects over the phone?
SoFi's VP of Performance Marketing, Kevin Heung, joined the team after serving in several senior growth positions at Uber. Prior to Kevin's arrival, SoFi had not used phone as a remarketing channel, but Kevin had seen first hand how effective phone had been at Uber, and he wanted to create an efficient data-driven sales team at SoFi, centered around phone & texts.
SoFi had been a Nice InContact customer, and for customer support the contact center platform was doing what it was designed for.
However, for Kevin's sales motion it was missing fundamental functionalities which prevented his team from testing and iterating on calling strategies.
Kevin wanted a phone tool that was fully integrated with SoFi's marketing stack (mParticle and Braze), and most importantly, to allow for calls and text conversations with customers triggered by their behavioral data.
SWITCHING FROM A CUSTOMER SUPPORT TOOL TO A SALES PLATFORM
With Regal, the SoFi team discovered a sales tool that enabled them to build a logic for determining which customers receive specific calls and texts. Critically, they were now able to experiment around launching these based on customers' real time actions.
Instead of running a CV and giving it to a support team to call haphazardly, the SoFi team quickly used Regal to create personalized call tasks for high intent segments of website visitors, who started their student loan refinancing request, but ran into blockers. This ensured customers would be reached in real time, when the student loan was top of mind and they had not yet visited competitors.
In addition, the SoFi team would historically call customers from unbranded numbers, as most businesses do (for lack of available solutions). Regal allowed the team to use Branded Caller ID on cellphones, sharing plenty of data about potential success. Particularly, for high intent prospects who were considering SoFi's offer during those very moments (but did not submit their application), getting a real time call from a "SoFi" branded caller ID proved to move the needle.
The results of the new treatment were dramatic. Within a single quarter the answer rate increased by an incredible 66% (from 15% to 25%), which led to a strong 5% lift in overall conversion.
Not Only more customers, but more valuable Customers
Interestingly, Regal had a profound effect not only on the number of customers who were being converted, but also on the quality of customers. Within a single quarter the average face value of issued loans went up by a dramatic 21%.
The reason for this is likely the fantastic customer experience that SoFi was now able to provide to customers with the help of Regal. A high intent customer would now see a very credible "SoFi" brand on their caller ID, at the key moment of considering the loan. SoFi's sales agent was then able to immediately be at the customer's side and guide them through the relatively complex decision.
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