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Overview
One of India's largest private sector banks runs a pre-qualified & pre-approved personal loan programme targeting ETB (existing to bank) customers: people who hold a savings or salary account but have never taken a loan from the institution. The credit decision is already made. The entire application can be completed on the bank's mobile app.
The bank's in-house contact centre of 150 agents was handling outbound calling on this programme, connecting with roughly 20% of leads. The bottleneck was not the pitch but the journey after it: getting a customer through app download, personal details, document upload, KYC, video KYC, and selfie verification on their phone, with no branch visit and no human guidance past the initial conversation.
SquadStack.ai Voice AI processes 25,000 to 30,000 leads per day on this use case, delivering 4,000+ loan disbursals per month at approximately 66% lower acquisition cost than the human team.
The Challenge
- A seven-step DIY journey with no recovery: The PQ-PA-PL product requires the customer to complete a full digital application on the bank's app: download, personal details, documents, KYC, video KYC, selfie. Each step is a drop-off point. When a lead abandoned mid-journey and a human agent called back, the conversation restarted from the beginning. No structured record existed of where the lead had stopped.
- Calling windows misaligned with conversion windows: Leads frequently answered calls during one time of day but completed their app journey during a different one. The human team's retry logic did not distinguish between these. A lead who connected in the morning but would convert in the evening was treated the same as a cold retry.
- Reachability at 20% with a fixed-cost team: Four in five calls went unanswered. At 150 agents, adding seats to solve a reachability problem costs more than it returns.
The Solution
SquadStack.ai deployed a Voice AI agent that handles the complete outbound PQ-PA-PL journey: pitch the pre-qualified & pre-approved offer, answer questions, resolve objections, then walk the lead step by step through the bank's mobile app to complete the application. The process is fully RBI compliant.
Conversation state management.
The system tracks where in the app journey each lead dropped off. A follow-up call picks up from that point. A lead who completed app download but abandoned at KYC gets a conversation about KYC, not a fresh loan pitch.
Connect-to-conversion time-window optimization.
Analysis showed leads connecting in one window and converting in another. If a lead picks up at 11 AM but is more likely to complete the app journey at 7 PM, the follow-up call is scheduled for 7 PM.
"We were reaching one in five leads and losing most mid-journey. SquadStack.ai's Voice AI doubled that and cut acquisition cost to a third. This is how we want to run every outbound lending product going forward."
- AVP, Personal Loans, Leading Private Bank
The Impact
Acquisition cost fell by 66%.
The Voice AI campaign's cost of acquiring a loan disbursal is roughly one-third of the human team's.
2x connectivity vs. the human team.
The human team connects with 20% of leads. Voice AI connects with 40% on the same lead base. The doubled reachability feeds every downstream metric: more connections, more leads entering the app journey, more disbursals completed.
Average handle time dropped 30% vs. human agents.
The Voice AI completes the same conversation, including objection handling and app walkthrough guidance, in 30% less time per call. At 30,000 leads per day, the compounding effect on throughput is significant.
Added 4,000+ loan disbursals per month at production scale.
The campaign's disbursal volume grew as both the base and conversion efficiency scaled together.
The base grew 6x from June to August. Disbursals grew 18x over the same period, because the funnel got more efficient at every stage as the conversation state management matured.
Looking Ahead
The success of the PA-PQ-PL ETB campaign has led the bank to explore additional use cases with SquadStack.ai, including collections, and credit card sales.