Citizens Bank
Citizens Bank needed faster student loan application pull-through with millennials. With Relay, not only did they improve pull-through but also found a new way to engage this historically hard-to-reach group.
Challenges Overcome
Application Drop-offs
The Citizens Bank Student Loan business had a high applicant drop-off rate due to a lengthy, multi-step application process.
Application Drop-offs
The Citizens Bank Student Loan business had a high applicant drop-off rate due to a lengthy, multi-step application process.
Challenges Overcome
Application Drop-offs
The Citizens Bank Student Loan business had a high applicant drop-off rate due to a lengthy, multi-step application process.
Application Drop-offs
The Citizens Bank Student Loan business had a high applicant drop-off rate due to a lengthy, multi-step application process.
Challenges Overcome
COnnecting with Millenials
The bank’s millennial banking population did not respond well to phone calls and emails.
COnnecting with Millenials
The bank’s millennial banking population did not respond well to phone calls and emails.
Challenges Overcome
Agile operations
Citizens was looking to not only prevent application drop offs, but also a way to guide applicants through the process faster.
Agile operations
Citizens was looking to not only prevent application drop offs, but also a way to guide applicants through the process faster.
Results Achieved
40%
Reduction in completion time
Relay’s mobile messaging solution was launched in just 30 days so Citizens could take advantage of the surge in student loan activity from July to September. In the following months, Citizens saw a dramatic difference in utilization rates including a 40% reduction in application completion time and a 10% increase in completed loans.
Citizens and Relay were recognized by Celent, a global financial services research firm, with a Model Bank Award for excellence in Digital Banking Transformation.