Microfinance robocalls case:
how to confirm more than 200 loan applications in a few hours

Case

Before the COVID-19 disaster, our employer got around 100 new contacts every week: clients have to leave their cell phone numbers to make a request for a loan. Microfinance organization’s workers could easily call all of them.

After a complete lockdown happened, many companies were closed and a lot of people became destitute. The amount of applications raised many times – contacts’ database became bigger for 800-1000 numbers every week.

Problem

It happened often that clients sent requests to many organizations at once and forgot about them. It is important to offer a better solution for a client, but timely reminders about it is even more significant.
Unfortunately, the organization’s managers were not able to call such a huge amount of numbers in a short time.

    Transferring the task to a call center was a bit challenging:
  • 1) Most of them were closed because of the lockdown.
  • 2) Call centers, which were still working, offered high prices – the price for an hour of work started from 12$.
  • 3) Report on calls' statistics costs an extra price<.

4 000

Phone numbers base

410$

Price for call center’s service

2-3%

Expected conversion of calls

3,4$

A confirmed application cost

The price for 1 loan was too high even if our client would agree to the best offer from a call center.

Task

To check a loan application relevance faster and cheaper

Solution

1 Our client prepared the test database. There were 4 000 phone numbers in total.

2 An audio clip was recorded by a female narrator. A female voice is usually associated with sympathy and compassion. A person who got into a difficult financial situation would take such a call more loyal.

The message was short and contained useful information only: what interest of a loan, what terms, and is there a possibility to get money online. Thanks to it more than 20% of contacts agreed to get a consultation from a manager.

The IVR system allowed to transfer a call to a manager immediately – it helped not to lose interested clients and to make another database with the number of those to whom managers can call later.

What was automatized?

Dialing and calling a huge amount of phone numbers.

Transferring to a manager – interested clients were able to get an immediate consultation.

Informing people about organization’s offers.

Implementation

The robot called all phone numbers from the test database which was loaded in the client’s personal account. When the contact picked up the phone the robot was starting to play the recorded audio clip. In the message was said that a contact left a request for a loan and this loan can be got with low interest if it will be confirmed now.

If the client listened to the full message and hasn't hung up and, Effebot asked if the offer is still relevant.

The client could answer by press the buttons on the phone:

Press “1”
The application was relevant, the robot transferred the client to the manager for further consultation.

Press “2”
The application was irrelevant, the robot excluded the number from the broadcasting base automatically and finished the call.

Example of an audio clip

Result

4 000

Phone numbers base

0,15$

A confirmed application cost

203

Applications were confirmed

31$

Price for Effebot service

The robot called all contacts in a few hours - it is 10 times faster than could do operators of a call center. More than 70% of clients listened to the full message thank to the audio clip was short and clear.

Due to an automated call transferring, the client did not have time to change his mind. During the voice broadcasting organization’s managers got is twice as many confirmed applications they expected.

Our employer was able to cover the cost of the broadcasting by percent of approved credits.

Effebot saved our client 379$

And reduced the cost of a confirmed application more than by twenty times!

Our client’s feedback

“I expected I will mess up with robocalls’ customization system, but it turned out that it is really easy. The calls were really effective – we made timely reminders to our audience and improve the number of credits given twice! Automated call transferring was really helpful: we did not lose any of the interested clients. Thank you, Effebot!“

First 10 calls at our expense!

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