Funding Circle

Enhanced customer experience with increased sales productivity and lower costs

Business Overview

Funding Circle is at the forefront of the fast-growing Peer-Peer marketplace to bring together small businesses looking for loans with individuals and organisations who are looking for investment opportunities. As an alternative to established business funding channels Funding Circle’s customers and partners enjoy a flexible service offering higher returns to investors and less bureaucracy to businesses. Headquartered in Germany, where they are the market leader, Funding Circle have subsidiaries in Spain and The Netherlands.

Business Challenges

A first-class customer experience is key to Funding Circle’s success and a competitive differentiator. Their reputation is of offering a friendly, personal service with a dedicated account manager for each of their customers. Voice communications is a critical part of this. Paul Ebert, Global Head of Sales, borrower sales and partnerships states; ”personal contact over the phone is key to success for building the relationship with small businesses. A business loan is a big decision for which trust is critical and you cannot create trust with just email and web forms. We speak to every borrower before closing a deal.”

The importance of voice in customer relations meant that Funding Circle had to ensure that their CRM systems, voice integration and call management were efficient and effective. Each sales agent is targeted with making 30 customer calls per day with each call being as short as possible but without impacting the customer experience.

To achieve this Funding Circle needed to automate the outbound calling process, capture all voice communications into CRM and have accurate management information for monitoring agents, revenue forecasting and building the business intelligence to improve product and process.

Having settled on Salesforce as their CRM system, Funding Circle now needed to enhance it to deliver these business imperatives. In addition, Funding Circle needed to address their communication costs which, as an international business, were becoming too high.

Why Natterbox?

A Natterbox test deployment was completed within 24 hours, following excellent feedback from the team. Natterbox was rolled out across all Funding Circle’s offices.

Ebert; “We selected Natterbox because of the proven cloud PBX service quality, full integration with Salesforce and ability to cap call charges with flat rate call packages. Deployment was simple and it worked immediately.” In addition, recommendations came from other customers about the positive experience they were having with Natterbox.

All customer call details are now captured including subject, time and duration of conversations. Funding Circle’s agents use click-to-dial and call wrap up codes to automate tasks and processes such as callbacks and triggering customised emails.

Business Benefits

Funding Circle monitor a number of key business metrics and Natterbox has had a significant impact across the board. Ebert adds; “Both our business and the customer experience has improved since we deployed Natterbox. Now we have comprehensive data capture, the agent always has current information about the customer available for every call. This means they deliver a better customer experience which results in higher conversion rates and higher sales. This along with reduced administration time has resulted in a 50% increase in agent productivity.”

The integrated management reporting is delivering insight into customer communications and this business intelligence is helping to improve sales forecast accuracy. The call cost issue has also been addressed with a reduction of 50% and total predictability which helps Funding Circle’s business budget planning. “In fact, the call cost saving is greater than the cost of the Natterbox service, you could say we are saving money and getting this great service for free.” Ebert added. “In addition, having our PBX as a cloud application gives us flexibility, scalability, call quality and sophisticated call management that we need.”

Future Plans

Even with all these benefits already in place Ebert predicts more value will be delivered; “we can still see how Natterbox will drive further improvements. Through the reporting and automation tools we expect to refine processes and drive an even better customer engagement.”

Funding Circle’s Website: fundingcircle.com

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