With an average yearly customer retention rate of 15%, banks are always looking for ways to generate and close new leads. But when the cost of finding and attaining new borrowers is so high, this activity can be a serious drain on your resources.
Working with a health care loans services vendor, though, can decrease your lead-finding workload while guaranteeing conversion of new customers. Want to know how your bank can start saving money on lead generation and conversion? Check out this article on the benefits of working with a medical lending vendor.
Outsourcing Loan Lead Generation and Conversion
Lead generation is the process of finding prospective customers while conversion is the process of turning those leads into long-term customers.
On average, banks spend around $47 to generate a single lead. And that amount increases to $200 for each new loan customer generated.
That’s why many banks are choosing to outsource part of the lead generation process, saving countless dollars in the process. In fact, some suggest you can save up to 20% of your total costs by outsourcing to a vendor like Epic River.
Health Care Loans: Providers Market Loans So You Don’t Have To
When you work with Epic River, providers market loans to patients so you don’t have to. Meanwhile, your bank saves money on generating and closing leads. And keep in mind that health care loans services don’t just connect you with patients in need of a loan.
Healthcare is a notoriously difficult industry to reach due to its complex, multi-payer system and regulations that are constantly in flux. Becoming a trusted loan partner for patients opens the door to new loan opportunities in the industry.
Have you been searching for a way to save money on loan lead generation and access more opportunities in the medical sector? Then get in touch with Epic River to find out how to become one of our partner banks.