20% conversion rate increase for mortgage applications at a bank
Background
A fast growing financial institution was losing many new mortgage customers by not processing new mortgage applications quickly enough.
Approach
R&G set up a team which asked customers why they did not proceed. We established a helicopter view of the total process and installed a system to measure the mortgage application conversion rate that tracked completed applications. Customer information and results from detailed data analysis uncovered significant roadblocks, leading ultimately to the implementation of a more customer-focused and uniform way of working. A model was developed to assess customer leads at entry point and to analyze them.
Results
The client obtained a 20% conversion rate increase within 14 months and put in place a valuable new KPI system. Staff were initially reluctant to the new ideas but after having it explained they endorsed them enthusiastically.
