REGAL | SoFI Reaches 66% More Graduates for 8% More Funded Loans

SoFI Reaches 66% more graduates for 8% more funded loans

Leading consumer fintech brand, SoFi, sees phenomenal results by using Regal to call and text the right members at the right time.

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CASE STUDY

INDUSTRY

Financial Services

IN NUMBERS

In Regal the SoFi team found a built-for-purpose sales tool which allowed them to easily design logic around which customer gets which calls & texts at any given moment.

66%

Lift in Answer Rate

8%

Lift in Loan Conversion

21%

Lift in Loan Face Value

Kevin Heung

VP Performance Marketing, SoFi

"We've seen answer rates go up and success with Regal that delivers strong returns we can truly measure."

SoFi: The Leading FinTech Brand That Keeps Innovating

SoFi was founded in 2011 with the goal of offering better financial terms for student loans and student loan refinancing. The company has since expanded its offering to a comprehensive series of financial products, all while avoiding staffing and maintaining of brick & mortar branches.

Today you could use SoFi for your whole financial life as it offers savings and checking accounts, credit cards and rewards, personal and home loans, credit monitoring, trading and investing, and insurance products.

In 2021 SoFi became a publicly traded company, and in 2022 it was granted approval by federal regulators to become a national bank. This meant SoFi could stop relying on third-party banks for its products, thereby reducing its cost of capital. Good news for SoFi members that now get better terms across the product suite.

SoFi never stops innovating to improve the lives of their members.

PROBLEM:

How to connect with more prospects over the phone?

SoFi's VP of Performance Marketing, Kevin Heung, joined the team after serving in several senior growth positions at Uber. Prior to Kevin's arrival, SoFi had not used phone as a remarketing channel, but Kevin had seen first hand how effective phone had been at Uber, and he wanted to create an efficient data-driven sales team at SoFi, centered around phone & texts.
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SoFi had been a Nice InContact customer, and for customer support the contact center platform was doing what it was designed for.

However, for Kevin's sales motion it was missing fundamental functionalities which prevented his team from testing and iterating on calling strategies.
‍
Kevin wanted a phone tool that was fully integrated with SoFi's marketing stack (mParticle and Braze), and most importantly, to allow for calls and text conversations with customers triggered by their behavioral data.

SOLUTION:

SWITCHING FROM A CUSTOMER SUPPORT TOOL TO A SALES PLATFORM

With Regal, the SoFi team discovered a sales tool that enabled them to build a logic for determining which customers receive specific calls and texts. Critically, they were now able to experiment around launching these based on customers' real time actions.

Instead of running a CV and giving it to a support team to call haphazardly, the SoFi team quickly used Regal to create personalized call tasks for high intent segments of website visitors, who started their student loan refinancing request, but ran into blockers. This ensured customers would be reached in real time, when the student loan was top of mind and they had not yet visited competitors.

In addition, the SoFi team would historically call customers from unbranded numbers, as most businesses do (for lack of available solutions). Regal allowed the team to use Branded Caller ID on cellphones, sharing plenty of data about potential success. Particularly, for high intent prospects who were considering SoFi's offer during those very moments (but did not submit their application), getting a real time call from a "SoFi" branded caller ID proved to move the needle.

The results of the new treatment were dramatic. Within a single quarter the answer rate increased by an incredible 66% (from 15% to 25%), which led to a strong 5% lift in overall conversion.

RESULTS:

Not Only more customers, but more valuable Customers

Interestingly, Regal had a profound effect not only on the number of customers who were being converted, but also on the quality of customers. Within a single quarter the average face value of issued loans went up by a dramatic 21%.

The reason for this is likely the fantastic customer experience that SoFi was now able to provide to customers with the help of Regal. A high intent customer would now see a very credible "SoFi" brand on their caller ID, at the key moment of considering the loan. SoFi's sales agent was then able to immediately be at the customer's side and guide them through the relatively complex decision.

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ABOUT THE CUSTOMER

SoFi’s mission is to help people reach financial independence to realize their ambitions.

And financial independence doesn’t just mean being rich—it means getting to a point where your money works for the life you want to live.

Everything we do is geared toward helping our members get their money right. We’re constantly innovating and building ways to give our members what they need to make that happen.

Source: sofi.com

MORE CUSTOMER STORIES

Ankit Kumar

Director of Data and Platform, Guitar Center

SoFI Reaches 66% more graduates for 8% more funded loans

66%

8%

21%

Kevin Heung

"We've seen answer rates go up and success with Regal that delivers strong returns we can truly measure."

SoFi: The Leading FinTech Brand That Keeps Innovating

How to connect with more prospects over the phone?

SWITCHING FROM A CUSTOMER SUPPORT TOOL TO A SALES PLATFORM

Not Only more customers, but more valuable Customers

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ABOUT THE CUSTOMER

MORE CUSTOMER STORIES

Ankit Kumar

"Regal's platform is so much easier to work with and allows us to personalize so much of our customer experience. Unlike with other platforms, it doesn't take us forever to get something spun up and deployed."

Katherine Martinell

"Since moving onto Regal, we've been able to streamline patient engagement, capture the data we need to shape strategy, and most importantly, sign up more patients. Regal completely transformed how we do things at Ro."

Peter James

"My team is so much more productive with Regal. We've seen huge increases in conversions and engagement. On top of this, Regal's support is unmatched. We're not just more efficient, we're delivering a better experience for every prospective patient."

Eric Hauser

"We have a large volume of patients to reach out to, get them to engage, and explain the benefits of the program. All patients are different – we need a solution to do that outreach at scale and respectfully. Regal's AI Agents empowers us to personalize and automate all of that outreach."

James Eaker

"We are really happy with Regal - both in terms of its impact on our business performance and how fast the team moves and their level of personalized support."

Micah Metcalf

"Regal is exactly what we were looking for in a partner. Regal made us much more effective and efficient at engaging with customers who are looking for the right life insurance partner."

Maggie Vetrovsky

Justin Pagan

"No other vendor is as invested in our success as Regal is. The platform is great, but the partnership is even better."

Celeste Martinelli

“We are pleased with our partnership. We truly believe Regal is the right solution for us to help transform our operations, and we like it when our partners are winning in business too!"

Patrick Green

"The Regal team has a unique focus on business goals, not just features for the sake of it. They understood our complex business model and prioritized features that have made our program more successful"

Niraj Patel

"We've been able to make immediate and impactful improvements to our business with Regal. We're performing better than ever and it's thanks to the insights and AI tools that Regal has given us"

Eric Peschke

"We're big fans of Regal and how it makes our agents jobs a lot easier. We broke appointment records after the first six months!"

Bruce Davidson

“AI has changed how we do things. Before, we had to roll the dice with other call centers, which obviously had varying results. AI Agents have been nothing but consistent and reliable, I don’t think we’ll ever offshore our calls again.”

James Hummer

“Regal’s AI Phone Agent has been a game-changer for our sales calls. Its features seamlessly integrate into our workflow, allowing us to test, stay compliant, and improve our results at every stage.”

Robby Romance

"Regal has helped us improve our sales per agent per day by 250%, improve our answer rates by 100%, and our conversion rates by 40%. As a result, we have been able to engage with more qualified prospects, verify their info for successful conversions, and drive additional revenue."

Michael-Rose Sandow

"Regal allows us to connect with more leads, have more meaningful conversations with those leads, and ultimately convert more leads into paying customers."

Kevin Heung

"We've seen answer rates go up and success with Regal that delivers strong returns we can truly measure."

Jacques Rojahn

"With Regal.io's journey builder and intelligent routing capabilities, we are able to streamline our outbound sales process. We are able to assign a prospective student to our coaching team to create a more consistent and impactful experience for our community."

William Lucas

"Regal.io instantly doubled our answer rates and improved sales productivity. We have been able to consolidate what we used to do in three separate systems all into one place while personalizing our outreach to prospects."

Scott Chesrown

"Regal instantly made our enrollment team 4x more productive. Now that we have improved our speed to lead, we use Regal's AI-powered tools to personalize, measure and optimize the experience for each customer."

Leila Kutler

"Regal allowed us to invest in a personalized conversational experience for our members, and to A/B test how to best support homeowners at key moments."

Manuj Goyal

"Starting a phone sales program to call our unconverted leads and existing customers was so straightforward with Regal. And we are seeing a 58% lift in conversion."

Sarah Haselkorn

"After launching Regal with Branded Caller ID on cell phones for our lead outreach calls, we saw a 20% lift in conversion at a 20x ROI within a week. We've been looking for a solution like this for years!"

Ankit Kumar

"Regal's platform is so much easier to work with and allows us to personalize so much of our customer experience. Unlike with other platforms, it doesn't take us forever to get something spun up and deployed."

Katherine Martinell

"Since moving onto Regal, we've been able to streamline patient engagement, capture the data we need to shape strategy, and most importantly, sign up more patients. Regal completely transformed how we do things at Ro."

Peter James

"My team is so much more productive with Regal. We've seen huge increases in conversions and engagement. On top of this, Regal's support is unmatched. We're not just more efficient, we're delivering a better experience for every prospective patient."

Eric Hauser

"We have a large volume of patients to reach out to, get them to engage, and explain the benefits of the program. All patients are different – we need a solution to do that outreach at scale and respectfully. Regal's AI Agents empowers us to personalize and automate all of that outreach."

James Eaker

"We are really happy with Regal - both in terms of its impact on our business performance and how fast the team moves and their level of personalized support."

Micah Metcalf

"Regal is exactly what we were looking for in a partner. Regal made us much more effective and efficient at engaging with customers who are looking for the right life insurance partner."

Maggie Vetrovsky

Justin Pagan

"No other vendor is as invested in our success as Regal is. The platform is great, but the partnership is even better."

Celeste Martinelli

“We are pleased with our partnership. We truly believe Regal is the right solution for us to help transform our operations, and we like it when our partners are winning in business too!"

Patrick Green

"The Regal team has a unique focus on business goals, not just features for the sake of it. They understood our complex business model and prioritized features that have made our program more successful"

Niraj Patel

"We've been able to make immediate and impactful improvements to our business with Regal. We're performing better than ever and it's thanks to the insights and AI tools that Regal has given us"

Eric Peschke