Leads360, a provider of lead management and customer relationship management (CRM) software, is supporting the sales and customer service at M&T Bank's West Region by offering Leads360's Dial-IQ predictive dialer software.
Joseph Semrani, regional customer service and sales manager in the mortgage division at M&T Bank's West Region, decided to use Dial-IQ predictive dialer software to prioritize, route and follow up on Internet leads. The benefit of choosing Dial-IQ predictive dialer software was that it integrates the Leads360 consumer sales automation platform M&T was already using with an intelligent telephony solution that promises to boost lead conversion rates by 77 percent.
"Leads360 says, 'Let's start with something that the loan officer or sales agent has control over' such as how fast you call, how often you call, and how you qualify a lead," Semrani added. "We needed transparency, and I needed more robust reporting. We also learned that it takes a very disciplined salesperson to respond to and successfully convert an Internet lead."
Within two months after the launch of the dialer software, M&T Bank realized considerable benefits. The company’s contract rate went from 60 percent to ninety percent while the speed to contact was cut down by half, according to Semrani. The team’s closing rate increased from around two percent to an overwhelming 4.2 percent.
Dial-IQ helps the team succeed by incentivizing the right behaviors. Dial-IQ's Shotgun Connect feature has been of great use to M&T Bank. The feature causes all phone lines ring when a hot lead comes in and subsequently assigns the lead to the first loan officer to pick up the phone. This adds a sense of urgency and helps bring real results to M&T mortgage operations.
Prior to installing Dial-IQ dialer software, the gap was on an average, three to four minutes, because loan officers are notified by an email pop-up, but they could be busy at the time. Shotgun Connect, coupled with blind pull distribution, allows users to take leads only when they are ready for them. This instantly cuts that timeframe down to about 20 to 30 seconds.
According to Semrani, the predictive dialer system has freed up 70 percent to 80 percent of his time daily, which he channelize to other tasks such as marketing and sales management instead of monitoring leads and doling them out to sales reps.
In another recent development Lead360 announced its dialer software has been selected by Tricoci University of Beauty Culture. Following the implementation of the software, the school’s contact rate improved by 15 percent and new inquiries were reached 20 times faster.
Edited by Amanda Ciccatelli