Case Study - Tripling lead conversion rates for 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Over the course of two weeks, we replaced an outdated online application process with a modern, intuitive, and mobile-friendly experience integrated with the Casca AI Loan Assistant.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)

After deploying Casca, the bank saw a 3x increase in lead conversion rates, with a 90% reduction in loan officer time spent on each application:

• 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