Effective communication is the cornerstone of delivering a great customer experience, but today’s millennial generation has forced financial institutions like Citizens Bank to toss their former communication strategy book aside and get creative in order to reach this massive group of consumers.
The Citizens Bank Student Loan business had a historically high applicant drop-off rate due to a lengthy, multi-step application process. This pool of largely millennial applicants seldom responded to phone calls and emails, and Citizens was spending excessive time, resources and money attempting to pull applicants through critical steps in the process.
The longer it took to reach student loan applicants, the slower it was to gather the information Citizens needed to underwrite and approve the loan. So Citizens was looking to not only prevent applicants from dropping off in the middle of the application process, but they also needed a way to guide applicants through the process faster.