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How well do you know your customers? How quickly can you answer fundamental questions about them?
Such as: "How many customers ask for more than one offer for a loan?" And what if the simple initial question becomes a bit more complex: "Does it matter if these offers were made during one conversation or several different ones?". The answers potentially increase the number of accepted loan offers. With Minit Process Mining, you can find the best practice to follow with two or three mouse clicks.
Let's start by what is meant by a conversation with the customer: In our case of Loan Application Process, after the customer fills out the application form on the website, an agent calls the customer to make one or more offers - this is a conversation. If multiple offers are made, it matters if they are all made at the same time within this first call or if they were made later during some other contact with the loan provider. There is a difference between a customer that receives three offers all at once (in the first call or conversation) or a customer that receives three proposals over an interval of a week for instance. That would be done in multiple discussions with the customer.
In 27% of the cases, the applicant asks for more than one offer. The mean time for these cases is approx. 26 days
and acceptance ratio for applications with more than one offer is 59%
while for applications with only one offer is 53 %
Acceptance Ratio for applications with more than one offer and in „multiple conversations“ is 66.6%
… while for the similar applications but done in a single conversation is only 52,3 %