How Telesales Can Transform Your Lending Business

Calling still is one of the most popular forms of communication in sales. Learn how it can help transform your lending business!

August 24, 2022


7 mins

Writer at SquadStack - Ura Verma

Writer at SquadStack - Ura Verma

How Telesales Can Transform Your Lending Business


92% of customer interactions are telephone-based. Even though various other communication channels such as emails, text messaging, WhatsApp, etc., are growing heavily in the sales & customer service industry, calling remains the predominant way of doing business. The idea is to keep personalized contact with your client. Frequent communication is essential in a vast and complex industry like lending. Lending is an industry with a lot of processes and documentation. With chances of fraudulent activity also being high, brands need to build trust for successful customer conversion. Calling is essential when it comes to building this trust. It is personal, helps salespeople pitch more products, and can help improve services by getting direct and immediate feedback from consumers. But these are not the only reasons why calling is vital for lending.  

Let’s examine a few more ways in which calling can transform sales in the lending industry.

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Building Trust

The most important aspect of sales is building trust, especially in the lending industry, where large sums of money get exchanged.

No other channel of communication works better than calling.

Calling is 1-1 and personalized. It is a conversation that is happening in real-time, where the consumer is going through the lending process with a sales executive helping them. In a situation like this, the customer feels cared for and heard.

When lending companies personally invest in telecalling services to help consumers, they are more likely to gain trust and convert.

Lead Qualification and Prioritization

Lending companies get a lot of leads everyday, but not all of them require equal effort from salespeople. How do we identify this?

Test messages, WhatsApp pings, and emails get lost in the dozens of others sent by competing lending companies, but calling gives you a clear impression of what a lead requires.

Through calling and omnichannel efforts a salesperson can easily understand the eligibility and intent of a lead.  This screening process helps you identify:

  • Junk leads that don’t require effort
  • Leads that are interested but not immediately (This can help you plan your follow-up/ outreach journey) 
  • Leads that are highly interested

When this screening is complete, the team can easily prioritize and pass on interested leads to the salespeople.

SquadStack has A.I.-driven lead prioritization and matching! We help you prioritize lucrative leads and match them with callers best suited to convert them.

Learn more about SquadStack!

Assisted Onboarding

Another area of building trust is assisted onboarding. It is when sales executives give a personalized walkthrough of the lending onboarding journey and help consumers get started.

Even if your app/website's onboarding journey has a great user experience, there will still be drop-offs as some leads require handholding to complete the process.

Processes such as registration, KYC, understanding company schemes, etc., are tough to follow up on through text messages or emails. Calling works best here.

For example, people are often hesitant to upload personal documentation like Aadhar, Pan, etc. By nudging these users through calls, SquadStack has seen a significant reduction in drop-offs.

Not only do you take the consumer to the end of the journey, but you also provide good customer service. This can help develop long-term partnerships and get quality referrals.

Sales Conversations and Follow-ups

Even though calling is one of the best communication channels to get positive responses, it can be detrimental if not done right.

Calling can seem a bit too aggressive if a lending company does not have a systematic follow-up journey mixed with omnichannel communication.

If done right, Telesales works best with follow-ups, check-ins, persuading confused users through company offers, user drop-offs, and upselling new services.

Transforming lending business through telesales

User Feedback

The best way to improve your lending services and processes is by taking consumer feedback. Here is how calling can help:

  • Get unfiltered feedback from consumers
  • Consumers feel a sense of ownership and partnership with the lending brand
  • Consumers are a part of creating change in the products and services
  • Helps lending companies identify improvements and opportunities in the product
  • Gaining positive testimonials from consumers
  • Another chance to build relationships, upsell and get referrals

How Can SquadStack Help?

SquadStack is India’s largest remote sales outsourcing platform which gives you an effective, secure, transparent, and high ROI sales team.  We manage telesales through a tech-driven approach where none of your leads go untouched, giving your lending company a 40% boost in sales!

Here is how we can help you:

  • Lead Qualification and Prioritization: We help you identify and focus on hot leads.
  • User onboarding: Increase lead conversion by calling dropped-off leads and handhold them throughout onboarding.
  • Systematic Omnichannel Outreach: A customizable omnichannel outreach system with up to 86% connectivity. 
  • Voice of Customer: Get insights based on consumer behavior and preferences. This helps you improve your product and marketing messaging.
  • Built-In Analytics: A dashboard that provides essential sales metrics for you to track.

Want to know how we can help scale your lending business?


Why is calling an important communication channel for the lending industry?


Calling allows for personalized outreach which is crucial in the lending industry. It helps build trust, pitch products effectively, and gather immediate feedback from consumers.

How does calling help in lead qualification and prioritization for lending companies?


Calling provides a clear impression of what a lead requires. Through calling and omnichannel efforts, sales reps can understand a lead's eligibility and intent, allowing them to bucket leads into categories based on their intent. This screening process helps prioritize leads and optimize sales efforts.

How does calling contribute to building trust in the lending industry?


Calling is a personalized form of communication that happens in real-time. It creates a conversation between the consumer and the sales rep, making the customer feel heard. This personal investment in telecalling services helps lending companies gain trust and convert customers.

How does calling contribute to assisted onboarding in the lending industry?


Assisted onboarding provides personalized guidance to consumers throughout the lending onboarding journey. Calling is effective in assisting onboarding as it allows for direct communication and handholding, especially for various processes in the onboarding journey. Calling helps reduce drop-offs and provides good customer service, leading to long-term partnerships and referrals.

What role does calling play in sales conversations and follow-ups for lending companies?


When done systematically with an omnichannel approach, calling helps in persuading users, addressing user drop-offs, and upselling new services. It ensures a personalized and effective sales journey, leading to optimal lead conversion.

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