Two decades ago EduCap revolutionized the multibillion-dollar private student lending industry. This not-for-profit education organization took the industry by storm when they created their family of unique, unsecured student loan programs. Forging an unprecedented nationwide network of strategic alliances, EduCap pioneered the innovative concept of privately-funded, credit-based, education lending - the first practical supplement to government student loan programs. Their ground-breaking Loan to Learn programs are in demand because they are affordable, do not require collateral, and offer instant approval.

To promote their offering, EduCap runs TV ads starting in April each year. The ads instantly trigger thousands of calls to apply for loans, causing large call spikes to the contact center.  This brings the opportunity to acquire thousands of new customers but means that every call to collect the standard loan qualification information (such as other debts, current income and assets) needs to be taken without busy signals and hold queues. In prior years the contact centers were unable to handle the call volume spikes and potential customers got busy signals or were put in long hold queues. Business was lost.

This year EduCap will be able to take full advantage of the response to its TV ads because it chose to automate its loan application calls with Voxify’s Automated Agents. The Loan Qualification Agent will ask the caller about past debt, bankruptcies, and plans to enroll in a 4-year college. Callers who qualify as potential high value customers are immediately routed to a live agent to complete the approval process.  The Agent captures the name and address of all remaining callers so they can be sent additional information about EduCap’s services. Because these sophisticated speech applications will be deployed as a Hosted Managed Service, callers will get immediate service without having to wait in queue, and EduCap’s live agents will be able to focus on high value prospects.

Problem

• High call spikes after TV ads are run
• Busy signals and hold queues means lost business as customers hang up and go to other loan service companies

Solution

• Voxify Automated Agents
• Loan Qualification Agent
• Deployed as a Hosted Managed Service

Benefits

• Eliminates hold times for callers
• Identifies and routes high value callers to live agents, providing personalized service
• Agents freed up to handle more complex service-related calls such as loan status or payment issues