Introduction
For Energize Colorado, improving the efficiency of their small business loan application process was crucial. The organization sought to simplify applicant qualification, enhance visibility across loan stages, and reduce the manual workload of their consultants. Open Flow partnered with Energize Colorado to implement a more robust loan processing and management system, integrating automation, custom form fields, and visibility enhancements. This case study explores our approach, the solutions implemented, and the transformative results achieved.
Project Overview
Client: Energize Colorado
Engagement Duration: August 2023 – Ongoing
Scope: Automation of loan marketing funnel, lead routing, application tracking, and internal notification processes for enhanced loan qualification and consultant efficiency
Customer Needs and Challenges
Key Needs:
- Streamlined Loan Qualification: A faster, more organized system to qualify and nurture loan applicants.
- Enhanced Process Visibility: Clearer tracking and prioritization of loan applications across multiple stages.
- Automated Communication: Automated notifications and follow-ups to reduce the manual workload on consultants and improve response times.
Challenges:
Energize Colorado faced delays in loan qualification due to a lack of visibility across the loan stages, resulting in missed follow-up opportunities. The team also dealt with inefficiencies in manual data entry, inconsistent communication, and a slower-than-optimal sales process. Addressing these challenges required a combination of process automation, custom tracking fields, and internal notification systems.
Solution Design
Our strategy involved creating a user-focused and automated workflow to meet Energize Colorado’s needs. Here’s an overview of the solutions implemented:
- Automated Internal Notifications: Set up automatic notifications to keep consultants informed of key applicant actions, enabling timely follow-ups.
- Custom Form Fields: Designed specific form fields to capture critical loan information, streamlining the qualification process and minimizing data entry.
- Custom Deal Views: Created deal views to enhance visibility across the loan application pipeline, helping consultants see each applicant’s status at a glance and prioritize follow-ups accordingly.
Execution Timeline
Phase 1: Initial Onboarding (August 2023 - September 2023)
- Internal Notifications: Set up automated notifications to internal teams for key applicant actions.
- Form Field Creation: Developed specific form fields to capture relevant loan application data, ensuring efficient qualification.
- Custom Deal Views: Built deal views for consultants, segmented by each stage of the loan application process.
Phase 2: Ongoing Optimization
- Lead Routing Automation: Automated lead routing to direct applicants to consultants based on predefined criteria, reducing assignment delays.
- Enhanced Tracking & Reporting: Established reporting and tracking tools to improve follow-up accuracy.
- Weekly Check-ins and Training: Provided regular training sessions to help Energize Colorado’s team adopt the new systems, workflows, and reporting insights.
Results & Key Metrics
Our tailored solutions delivered significant improvements in Energize Colorado’s loan application process:
- Reduced Qualification Time: Internal notifications and optimized form fields sped up the loan qualification process, eliminating over 50% of manual follow-up tasks.
- Increased Task Prioritization Efficiency: Custom deal views enhanced visibility across loan stages, helping consultants prioritize tasks and reduce response time by 30%.
- Improved Applicant Experience: Automation improved follow-up consistency, with positive feedback from applicants regarding response times and clarity in the application process.
Future Plans and Support
Open Flow’s partnership with Energize Colorado is ongoing, with a focus on further optimization and training:
- Advanced Lead Scoring and Routing: Development of sophisticated lead scoring to route high-value applicants to senior consultants.
- Expanded Reporting: Continued improvement of tracking and analytics for better insights into consultant performance and applicant behaviors.
- Enhanced Automation: Exploring additional automations to streamline other areas of the loan application process and expand applicant engagement.
Conclusion
Our collaboration with Energize Colorado highlights how Open Flow’s approach to automation and user-focused design can drive efficiency in loan processing and enhance applicant experiences. By automating follow-ups, improving visibility, and optimizing the loan qualification workflow, we helped Energize Colorado build a foundation for sustained growth, operational efficiency, and streamlined loan processing.