How integration of a decisioning enginerevolutionised the processing of userapplications and increased efficiency
Introduction
Oxygen is a prominent home loan provider with a widespread presence across Australia, boasting over 53 locations and operating for almost two decades.
Oxygen has been instrumental in fulfilling the aspirations of over 27,000 customers in realising their dream of property ownership.
With a remarkable track record, Oxygen has facilitated the settlement of loans amounting to over $10 billion.
Manual processes threatened Oxygen’s market position and growth opportunities
Oxygen manages a high volume of clients that need to be manually processed. Constantly growing, the business found that the manual nature of this process was creating costly efficiencies on multiple levels:
Blown out staffing budgets
Additional staff were required to process and follow-up with customers and they came at a premium cost
High levels of customer dissatisfaction
New influxes of clients would overload the workflow, reducing accuracy in matching leads to lead owners, compromising service quality, and causing leads to drop out of the funnel
Extremely inefficient client management
Manual sorting made it challenging to link applications to specific customers, creating duplicate records and confusion
Current methods proved inadequate to handle Oxygen’s expanding client bases and threatened its market position. It became imperative to streamline the processes before the business lost its competitive advantage and growth opportunities.
Solution
Initially, Oxygen formulated plans for a rudimentary solution to address its operational challenges. However, as Oxygen delved deeper into the complexities of its processes, the business recognised the need for a more sophisticated and comprehensive approach.
Engaging iTelasoft, Oxygen underwent a transformation in its approach. Leveraging iTelasoft's expertise and insights, Oxygen could explore innovative technologies and methodologies that were previously beyond its scope.
One of the key implementations resulting from this collaboration was the integration of a decisioning engine into Oxygen's systems. This decisioning engine revolutionised the processing of user applications, introducing greater efficiency, accuracy, and automation into Oxygen's workflows.
Throughout the implementation journey, iTelasoft's technical consultancy team played a pivotal role. Their deep understanding of Oxygen's requirements, coupled with their technical proficiency, allowed them to provide invaluable guidance and support at every stage of the project.
Result
iTelasoft's experts worked closely with Oxygen's team to navigate through complex technical challenges, devise effective solutions, and ensure seamless execution. Their hands-on approach and proactive collaboration were instrumental in driving the success of the project and achieving the desired outcomes.
The decisioning engine enabled Oxygen to streamline its application processes, minimise errors, and expedite decision-making, ultimately enhancing the experience for both Oxygen and its clients.
Oxygen has been able to:
Increased lead acquisition by 20 times
Oxygen previously averaged 100 loan acquisitions per month. With AI, Oxygen is averaging 60 loan acquisitions per day (a 1,700% improvement!) thanks to its 5% conversion rate on daily email outreach
Achieve significant market growth
Improved processes have led to market growth, which has allowed Oxygen to join forces with McGrath, and collaborate with leading banks like Equifax.
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