Odeabank - Marketing Solution - Felix
Company: Odeabank, Istanbul, Turkey
Company Description: In 2012, we entered the sector as the first bank to be built of from scratch in Turkey in 15 years, and successfully become the 8th largest deposit bank, 10th largest in total assets. We owe our ability to achieve such a great success in such a short period of time to our strong shareholders, our efficient technological infrastructure, our effective risk management & our experienced human resource
Nomination Category: New Product & Service Awards Categories
Nomination Sub Category: Marketing Solution – New Version
Nomination Title: Felix - The fastest way for having a loan
Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and sales to date:
In our bank, we have built the fast retail loan process to provide the best costumer experience to answer customer’s needs instantly. The name of this fast-loan process is Felix.
The users can start their application from any channel by just entering their National ID number and mobile phone number. Then, all credit bureau checks, address and ID confirmation from centralized government database are automatically completed, credit score is calculated, credit decision is made. Customers receive approve/reject information via SMS in less than a minute. Odeabank outbound team calls to finalize the payment plan of the loan within 10 minutes of application. Customers can use their loans without visiting the branches.
On December 1 of 2013, the Felix project has been implemented with retail loan sales in 5 different electronics markets. Odeabank offers preferential loan rates for purchase of electronic/household goods. If the loan is approved while the customer is in the store, customer can complete the purchase right away without touching any cash or other payment tool at the cashier.
In 2016, the number of stores that we provide retail loans reached over 200. Approximately 250,000 customer’s retail loan application has been processed through the contact center. 99% of our customers have been called within the first 10 minutes after applying in order to ensure customer satisfaction and make sure that customer will finish the loan process while he/she is still in the electronic market where the application is started.
Throughout 2016 we worked with a team of 120 people and two different outsource firms. We managed to call back 99 % of the customers within the targeted time interval. Since Odeabank’s aim is using technology in all areas of the contact center, a project is developed in order to automatically transfer application data to the outsource firms and get the result of the applications.
In our calls, cross product sales are made to customers after the completion customer information and create payment plan for retail loan. For cross product sales; credit cards, overdrafts account and cash advance by installment products are offered. We provide credit card sales with %66 success rate, provide cash advance by installment with 66% success rate and provide overdrafts account with 30% success rate.
In Felix calls, we reach %85 of the customers that called and provide retail loan sales to customers with 85% success rate. 80% of the retail loan customers that received application use their retail loan through stores, post offices, branches or direct sales representatives. In 2016 more than 12 million TL income is created while outsource budget spent is around 3,7 million TL. Felix, with the help of technology and careful management of the Odeabank Outsource Management Team became a highly successful and profitable project.
Our long term plans include reaching to customers even without they contact us. We are currently working on the ways to convert social media conversations to business with the help of Turkish language supported sentiment analysis. For example, a user discussing marriage plans with his/her friends will instantly be offered with a personal loan to support potential expenditures through social media by Odeabank.