Fintech: How Right Lead Response Time can increase the conversion by 30%
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Do you know? You are not alone, while a customer fills up the loan request form, he has just filled up forms at three other competitors within 30 secs. How do you compete to get to him? How do you act to convert him?

You may have an incredible fulfillment team with excellent underwriters, makers, checkers and a full-fledged loan management system. But are you attending the lead who is knocking your doors online?

Do You Know? The quality of the lead deteriorates by the delay in the lead response time.

What is Lead Response Time? Lead Response Time is the time taken to make the first contact with the Lead.

According to a Lead Response Study at MIT with more than 2000 companies, the following are the exciting findings.

Interesting findings of MIT survey on lead response time

  • There is an incredible drop (decrease of more than six times) in the odds of calling and qualifying leads if the wait to begin calling for just 1 hour.

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  • After 20 hours every additional dial your salespeople make actually hurts your ability to make contact to qualify a lead.

  • If you are not reaching out your leads in the first FIVE MINUTES, the odds of qualifying the lead reduces by 10 TIMES

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Is it possible to call in first 5 minutes?

Yes indeed. With the advancement in the technology, the contact centers are converting into Engagement hubs where in all the data is getting converged to give the blueprint of customer journey in a snapshot.

Do You Know? Chinese Fintech companies take a maximum of 3.01 Minutes to disburse a loan

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What is your current lead response time?

Cexlab is a design-driven contact center & CX consulting firm. Contact us for a quick POC for measuring and improvising your lead response time.