With more than 1,100 stores in 30 states, CheckIntoCash is one of the US’s most popular financial services retailers that opened its doors in 1993.
The firm offers payday loans, online payday advances, title loans, bill payment services, check cashing, reloadable prepaid debit cards, Western Union money transfers, and money order services.
This case study highlights the success story of CheckIntoCash, which used Insync’s Intelligent AI to help streamline support and sales operation. The result: CheckIntoCash got positive ROI in just three months, driving more than the expected results.
The Challenge: Automate Support and Sales
With over a thousand stores across the States, CheckIntoCash’s focus was not on their online presence. However, with the general shift of customers to digital experiences, CheckIntoCash knew transforming their existing digital presence as per consumer trends would be essential for the future.
As consumers migrated online, CheckIntoCash realized that their support capabilities were limited, and support was not as readily available online as in-store. Adding to the challenge, there was no FAQ or Knowledge Base database built out and therefore, customers had to contact their phone and email support — increasing dependency on human agents.
Additionally, due to the sensitive nature of the personal loan vertical, an automated way of helping customers had a possibility of yielding more business. Therefore, the team needed a solution that provided 360-degree support for customer support and sales operations.
The Solution: Insync’s Intelligent AI
CheckIntoCash wanted a team who could bring to life a solution to help their customers find support quickly and accurately across their digital channels without requiring their team to divert attention from higher priority items.
CheckIntoCash turned to Insync to entrust the entire process from design to architect till building, and after an easy integration, full-service monitoring, and optimization.
Although, in the beginning, the partnership was focused on support, it was soon apparent that the loan application process was a common customer issue. As a result, Insync expanded support across sales.
The result: CheckIntoCash resolved over 55% of customer questions without needing a human and saw an incremental 25% increase on loan applications — all under 120 seconds.
The Outcome: ROI positive in 3 months
Insync helped CheckIntoCash increase its ROI and also reduce dependency on human agents. With the assistance from Insync, the CheckIntoCash team saw:
- ROI grew by six times — the company was ROI positive in just three months
- 55%+ resolution rate, without the need for human intervention
- 25% increase on loan applications
Why does Insync’s Intelligent AI solution Work?
CheckIntoCash is one of the many finance companies where Insync’s AI technology has made a real difference. We’ve no doubts you’d want your company to be the next beneficiary. Here’s how Insync tech helped Check Into Cash:
1. Seamless Onboarding Experience and Set-Up
At Insync, we provided a fully customized solution that was easy to implement. The solution was built, set up, and is now being maintained by our intent experts. In addition, we delivered a platform that works with limited bandwidth and ensured that every part of the solution was aligned with the brand’s vision.
2. Automated up to 75% of the Customer Journey
Thanks to Insync’s years of expertise with finance brands and their use cases, the implementation was wholesome. The most critical aspect of implementing AI is to make the customer journey and sales operations smooth. So while the team provided the input on the features they needed, we added the industry-leading values. The result: We automated 75% of the customer journey, starting from the awareness stage to customer advocacy.
3. Issues Resolved Without Humans
Insync’s custom AI solution enabled features like product discovery, education, loan application, loan status, file/document upload and every other part of the customers’ journey.
In addition, the AI assistant is engaging in human-like conversations with customers to resolve 50 to 70% of issues/questions without needing human interaction.
4. Ability to Drive Incremental Conversions / Loan applications
Thanks to our experience working with fintech teams, we understand how to help customers get the information they need to complete a purchase or loan application. We quickly ingested and indexed the entire product/services catalog, so end customers could ask questions as they would to a human, get a personalized response, and drive anywhere from a 25% to 40% increase in loan applications.
It’s time to AI
Jonathan Diedrich, Director, Support Automation at CheckIntoCash, said, “Insync has already paid off for us. We are already ROI positive, and it’s only been three months since launch.”
It’s the time for AI. Consumers across the world are switching to digital platforms to buy loans, pay credits, and more. This can only be good for finance companies if the right technology is in place to help supply the growing digital demand. Do you have the right technology in place?