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Tripling lead conversion rates for SBA 7(a) loan applications
Casca was brought in to help an FDIC-insured bank modernize their digital SBA 7(a) loan application process. We were able to triple lead conversion rates.
Client
FDIC-insured Bank
Year
2023
Service
SBA 7(a) Loan Applications
Overview
Over the course of two weeks, we replaced an outdated online application process with a modern, intuitive, and mobile-friendly experience integrated with the Casca AI Loan Assistant.
The legacy loan application took users up to 2 hours to complete, requiring heavy assistance from loan officers, leading to two major problems:
High churn rates (users abandoning the application)
High customer acquisition costs (loan officers spending too much time on each application)
The legacy loan application took users up to 2 hours to complete, requiring heavy assistance from loan officers, leading to two major problems:
Higher conversion rates (users completing the application often in less than 7 minutes)
Lower customer acquisition costs (loan officers spending less than 5 minutes on each application before underwriting)
In addition, the bank noticed that more than 50% of applications came in outside of working hours: The Casca AI Loan Assistant was able to respond to these applications in 2-3 minutes, compared to previous average response times of 12-24 hours.
What we delivered
3x
Higher conversion rates
90%
Time saving for loan officers
2-3 min
Average Response time
2 weeks
to deploy
