College Ave is a leading provider of private student loans, offering a straight-A financial solution (pun intended) with a simple application process, helpful tools, and great customer service. The company prides itself on delivering a cohesive customer experience, from the initial marketing and application process through to loan servicing, ensuring a consistent and positive experience throughout the entire customer journey.
Aileen Ringle, the Customer Experience Architect at College Ave, leads a team that is committed to providing a seamless customer journey, spanning from the initial application & marketing touchpoints to the loan servicing stage. They accomplish this by tackling a few key challenges: (1) streamlining the loan application process to provide a frictionless experience for prospective students; (2) reducing customer outreach with comprehensive self-serve options; and (3) minimizing issues during loan repayment through clear, timely communications and a robust mobile app.
From Manual Insights to Embracing AI
Before adopting Viable, College Ave relied on their operations team to manually select and forward anecdotal feedback from customers. This approach limited the breadth and depth of available information from which to draw meaningful insights. Not only that, the data shared was limited to basic reporting, such as the number of tickets related to payments. Without any additional context, the team wouldn’t know whether customers needed help enrolling in autopay or were seeking payment relief due to covid.
The team recognized the need for helpful, clear, and readily available customer insights which could be used to empower customers with self-service options and reduce the need for support interactions. The existing qualitative data analysis process was insufficient, relying on selective feedback and lacking data-driven insights. College Ave decided to leverage Viable's capabilities to gain deeper visibility into customer feedback and drive impactful improvements.
Leveraging Viable’s Powerful Insights
To overcome these challenges, College Ave discovered Viable, an AI-powered analysis platform that revolutionizes the customer experience by continuously syncing with qualitative data sources to uncover actionable insights. By harnessing Viable's advanced Generative Analysis, College Ave gained deeper visibility into their feedback, enabling a comprehensive and nuanced understanding of customer issues and sentiment.
At College Ave, Viable is primarily utilized to analyze Zendesk tickets + Net Promoter Score (NPS) feedback from Delighted by Qualtrics. Through Viable’s direct integrations with both platforms, College Ave effortlessly analyzes over 8,000 support tickets and NPS surveys using AI each month. Additionally, they employ Yotpo to collect customer reviews, which are then analyzed weekly by Viable's powerful AI.
Every week, they receive a detailed analysis of the most critical and emerging themes, sorted by urgency level and churn risk, as opposed to just volume. This analysis includes visual charts, sub-themes, metadata analysis, and user profiles, providing a comprehensive understanding of the underlying issues and the specific traits of those delivering the feedback.
These actionable insights have empowered College Ave's team to enhance the customer experience in various ways. For instance, Viable uncovered a recurring issue where customers confused their initial application login credentials with their new and separate loan account login after approval. Furthermore, Viable helped identify confusion when insufficient funds were available in the external account for payment processing, which enabled College Ave to improve communication procedures with their customers. Leveraging these insights, College Ave addressed gaps in their processes, enhanced chatbot interactions, and improved existing communications through mobile app notifications and emails, effectively alleviating customer concerns.
The results of leveraging Viable's insights have been remarkable. College Ave believes this has improved their customer satisfaction by proactively setting clear expectations upfront, improving communications, and making processes more transparent, significantly reducing the need for support interactions. By embracing Viable's powerful AI capabilities, College Ave has solidified its commitment to delivering an exceptional customer experience.
Embracing a Collaborative Future
College Ave's team has been thoroughly impressed not only by the remarkable capabilities of Viable’s AI but also by the collaborative partnership formed with their team. Aileen commends Viable’s team for their white-glove service and speedy work to implement her feature suggestions, such as the recent addition of report filters. With Viable's user-friendly interface and automated analysis, Aileen effortlessly extracts valuable insights to support decision-making and presents data-driven findings to internal stakeholders, driving impactful improvements.
Looking to the future, College Ave plans to expand their utilization of Viable's solution. They aim to import recorded call transcripts from their call centers into Viable, further enriching their data analysis capabilities and gaining a comprehensive understanding of customer interactions across all channels.
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