Lender's data entry outsourcing to Callzilla quickly pays off
This story opens in the board room of a fast-growing U.S. company that specializes in loans to merchants. Executives are reviewing the company's overall performance.
The good news: demand seems strong--plenty of merchants are interested. But growth figures aren't reflecting that. The CEO poses some questions, like:
His team points to applicant wait time. It is around 9 hours. That is resulting in missed opportunities.
There are a number of factors. Initial responses to applicants are taking too long. Then entering data from submissions is taking too long. The underwriting team is receiving applications with a lot of errors in them, slowing them down.
A contact center in India is handling those functions, and various efforts to get better performance haven't succeeded. There are obstacles in account management, among other issues. Performance isn't likely to improve.
"What should we do about it?"
...Fast forward a few days. In this scene, leadership is weighing its options. It could seek a different provider, bring the function in-house, or use a combination. They decide to move handling of applicant queries, data entry, and submissions to Callzilla.
The place for Callzilla to focus is "average sub to create - biz hours", the CEO is telling me. That is the speed at which underwriters receive submissions they can evaluate. The previous provider averaged 3.5 hours.
The bigger goal is to bring down applicant wait time. Their metric for this is “average time to create - biz hours”. It averaged 9 hours before Callzilla was hired.
...It's a couple of days later. The client's executive team is reviewing a detailed Project Brief from Callzilla, containing specifics on how to move the needle on 'average sub to create - biz hours'. It contains, for example:
- Details on the unique skill set we are selecting for among hundreds of Callzilla agents and in new data reps
- Access and coordination we need in order to integrate systems and do testing
- Step by step on how we'll structure training and communications to prepare the data reps, their supervisors, the contact center manager, and the client services team
- Particulars of an incentive program that rewards accuracy and quality as well as speed
- How reports will look, how we will closely collaborate on reviewing results and performance data, and ensuring Callzilla's services meet the client's needs
...Skip forward to one month after Callzilla took over work from the offshore center. The executive team is looking at results:
- The metric 'average sub to create - biz hours' has dropped from 3.5 hours to under 2
- In the process, accuracy has improved by 20%
- Overall, 'average time to create - biz hours' has dropped from 9 hours to under 6
Our ‘average sub to create - biz hrs’ is below 2 hours, which is great. This means that it is taking us less than 2 hours to input a submission when it hits our inbox. Our ‘average offer time - biz hours’ is around the 5-6 hour range, which is also a good number. This means that since our time to input our submissions is faster, it is making it easier and faster for our underwriters to send an offer to our merchants. Our entire team is very pleased with the progress that Callzilla is making with regards to speed. Let's keep up the good work!!!”
- Client CEO
The Callzilla difference
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