Increase in answer rate
Enabling savings, and building wealth. In order to achieve this mission, OppFi relies on its call center to reach the most customers possible in order to help them obtain access to the credit they need.
The proliferation of robocalls has only made things more challenging for OppFi’s team. “We make a lot of outbound calls in order to walk our customers through the application process, and getting them to pick up the phone is a challenge in itself,” said one of the strategy team members. OppFi’s key success metrics include funding rate, or the rate at which people who apply for a loan can get approved. Directly connected to this KPI is answer rate, also known as pickup rate, which measures the rate at which consumers will answer the phone when OppFi calls. “Increased pickup rates are directly connected to improved funding rates because there are always going to be customers who we need to verbally help to get to the next step in the process,” said the OppFi associate.
Because driving success in the voice channel is so essential to achieving OppFi’s mission, the team knew they needed a platform that would enable them to dramatically increase answer rates. “We can send emails and texts, but with our customers, we’ve just seen that phone calls are more effective because we can cater more to their personal experiences in real time,” says one member of the strategy team. To help quantify the impact of Hiya, the OppFi team measured answer rates with and without Hiya implemented. The result? Without Hiya, their average answer rate was increase in answer rate 40% and with the addition of Hiya, answer rates increased to 50% — a whopping 25% increase. With Hiya, the OppFi team is now able to reach more customers over the phone, and more importantly, help even more consumers complete the loan application process with the tailored experience that only the voice channel can provide.
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