The largest private sector bank came to Vymo with a challenge. We took it head-on.

They had 600,000+ leads in their system, and only 180,000 were allocated to their agents. A mere 30% allocation using basic allocation guidelines; they wanted traction on the remaining 70%. 

We weren’t surprised. For large distributed sales teams across the world, leads flow into their system from multiple sources round the clock. Managing these leads effectively is a crucial lever to maintaining and growing revenue. In the initial stage of lead management, the system needs to be able to store details about the lead. The next stage requires the sales teams to act on it.

Building a prospect base is good for the business, but it comes with the difficulty of suitably allocating them to your agents. Manual allocation is almost always unfeasible. Random automated allocation can negatively impact your conversion rates. 

What works is an intelligent allocation system that is tailored to specific requirements. A system that can map all relevant prospect and agent data points to find optimal matches. 

Vymo Takes The Lead 

After studying the bank and their requirements, Vymo collaborated with the sales team to modify their existing rules of lead allocation. We made these changes:  

• Mapping the right agent after considering available agents from the branch to which the prospect was tagged. 
• We considered other branches managed by the same branch manager if no one was available. 
• If there was still no match, we used the Pincode (followed by city) to locate other nearby branches to check for an available agent.
• Next, we considered other Emerging Market Branch BDRs, if needed.
• If none of the above worked, branches within a 50KM radius based on prospect location were identified. 

The team tweaked the system to process records faster: the time taken to modify the rules and start allocation was now less than a day. 

Vymo received ~1 million records in each run, which were successfully allocated.

The allocation rate increased to 80% through this process. 

We Did More…

• Analyzed the data further and saw that with the existing settings, the allocation would reduce to 60% as most of the agents in the system had reached the threshold of 1000.
• The team then updated the setting to 3000. With this, the allocation increased to ~90%!

And Then, Some More…

• Included monitors and alerts for timely insights to help make better suggestions. The current allocation system was processing about one million leads every 2 hours. 
• With improved MIS for the client to track the allocation and an increase in allocation threshold, the rate is now ~96%. 

Optimizing allocation rates automatically led to an uptick in sales!

Next Steps

Our data science team continues to work on ways to understand the captured data and identify rules that need focus and those that can be removed.  

Moreover, the team is finding patterns in staff availability and lead flow to help the bank fill this gap and further ‘up’ the conversions. 

Vymo’s Lead Management System offers the ability to allocate leads on rules based on multiple data points like location, branch, rep availability, rep track record, among others. 

What makes it all the more powerful is that our customers can use the Vymo Admin console to adjust Lead allocation settings by themselves.

Do you have a Lead Allocation Challenge that needs solving? Throw us a DARE.