Spoke saves OppLoans 126 days of work

OppLoans is a direct-to-consumer online lender specializing in personal loans for customers who are often turned away by traditional lending institutions. They provide a safer alternative to predatory lenders such as payday and title loan providers, and their loans have low rates, long installment periods, and an average APR far lower than competitors.

What really sets OppLoans apart from the competition is customer service. In an industry not necessarily known for customer service (when was the last time you went to a bank and thought “that was amazing!”), OppLoans has A+ rating from the Better Business Bureau and a 4.8 star rating from LendingTree, with over 100,000 happy customers. To ensure this experience, OppLoans has a team of Loan Advocates (or LA’s) available on-call to answer any question or concerns a borrower may have about their loan. 

OppLoans had two main challenges: training LA’s, and providing them with quick access to information so they can help customers. Over the past two years, Spoke have been a game-changer for the OppLoans LA team. Since switching to Spoke, OppLoans has cut onboarding time in close to half, and has saved its team close to 4 months’ worth of work by auto-resolving requests and providing quick answers to FAQs. 

Reducing onboarding and ramp-up time by 40%

The lending industry has a particularly complicated onboarding process because there’s extremely industry- and state-specific training and certification necessary before an employee can begin selling loans to customers. In addition to navigating the company’s own credit policy and lending practices, employees must complete state-level training and licensing to be legally compliant. 

“Because I didn’t have a background in this industry, I knew I was going to have a lot of questions. And I knew that trying to ask questions via word of mouth would be nerve wracking, especially how quickly things move. When I was informed about Spoke, I would always have it open on my computer.”

Leslie Thomas, Jr., Training Associate at OppLoans

This means that from getting their laptop, to getting on the first call with a prospective customer, the average new hire will have tons of questions. These questions typically would go to a new hire’s manager, the HR team, and/or the IT team, which leads to inboxes full of repetitive questions for support teams and new hires having to wait to get a response if those people are busy. 

With Spoke, OppLoans employees have a single resource to go to for help. Team members ask Spoke a question the same way they would ask their manager, and Spoke’s AI replies with the appropriate link, answer, or knowledge base resource that they need. 

Quick, conversational access to Opploan’s knowledge base and company guidelines has rapidly reduced new hire ramp-up time. According to Tameka Cartwright, Director of Training at OppLoans, Spoke has helped new employees ramp 40% faster. 

“Before Spoke, it would take about 6-7 weeks to ramp someone up. But our LA’s that start on the sales floor and use Spoke from day one, they ramp up in a month.”

Tameka Cartwright, Director of Training at OppLoans

Giving OppLoans back 4 months of work

Getting employees onboarded is just the first step of the process for OppLoans’ LA team. Now comes the hard part – delivering world-class customer service to OppLoans’ borrowers, and Spoke is integral to this process.

According to Sal Hazday, OppLoans’ COO, Spoke helps the most with questions about the structure of the product. Questions such as what states certain products are offered in, state-by-state regulations, interest rates, loan terms, etc. come up constantly and employees would have to look up answers in the knowledge base, on the website, or in the company wiki. The incremental time it took employees to look up these data points added hours to the loan process. 

With Spoke, LA’s are able to instantly receive answers to these questions and provide them to customers, saving loads of time. In fact, if you multiply Spoke’s auto-resolve rate by the amount of time it takes a team member to respond to a request manually, OppLoans calculates that they have saved 126 days of LA and manager time since implementing Spoke 2 years ago. That’s one full fiscal quarter worth of work! 

“That means we’ve freed up our managers to give them more time coach and develop, and we’ve also made sure our LA’s have resources right at their fingertips to best service our customers with confidence.” 

Life’s too short to answer the same questions over and over again at work. Book a demo and get some time back in your day.

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