CASE STUDY

SoFI Drives Pipelione and Revenue with the Pipeline Cloud

Regal makes it easy to add branded, event-based phone sales to your customer experience, no matter what contact center, CRM or CDP you use today - all without engineers.

CASE STUDY
INDUSTRY

Credit Services

IN NUMBERS

Reaching 66% more graduates for 8% more funded loans. Leading consumer fintech, SoFi, sees 8% lift in student refinancing loan conversion and 21% lift in average loan face value by using Regal to call and text the right members at the right time.

66%

Lift in Answer Rate

8%

Lift in Loan Conversion

21%

Lift in Loan Face Value

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.

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 being able to test and iterate on calling strategies.

Kevin wanted a phone tool that was fully integrated with SoFi's marketing stack (Particle 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

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.

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:

SWITCHING FROM A CUSTOMER SUPPORT TOOL TO A SALES PLATFORM

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.

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.

Jacques Rojahn

Head of Sales, Career Karma

"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."

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WHAT OUR CUSTOMERS SAY?

Jacques Rojahn

Head of Sales, Career Karma

"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

Senior Manager, Club Z!

"Regal.io instantly doubled our answer rates and improved productivity of our sales team. 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

Co-Founder & COO, Perry Health

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

Leila Kutler

Senior Director, Strategy & Growth, Angi

"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

Product Manager, The Farmer's Dog

"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

VP Sales & Support, MakeSpace

"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!"

Jacques Rojahn

Head of Sales, Career Karma

"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."

Read the Case Study

William Lucas

Senior Manager, Club Z!

"Regal.io instantly doubled our answer rates and improved productivity of our sales team. 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."

Read the Case Study

Scott Chesrown

Co-Founder & COO, Perry Health

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

Read the Case Study

Leila Kutler

Senior Director, Strategy & Growth, Angi

"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."

Read the Case Study

Manuj Goyal

Product Manager, The Farmer's Dog

"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."

Read the Case Study

Sarah Haselkorn

VP Sales & Support, MakeSpace

"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!"

Read the Case Study