Firstsource Collections Services

Collections business in today’s environment is not just about cost saving but improving overall performance and service levels. While selecting a collections outsourcing partner, companies look for specialists with deep domain knowledge and proven capability to maximize cash flows by minimizing debts.

Firstsource advantage

Firstsource has a proven track record in enabling rapid ramp-ups, with global best practices across processes combined with the multi-shore delivery. Firstsource leverages its blended on-shore and off- shore delivery model, best in class training and technology, understanding of industry compliance and regulatory requirements. Our end to end collections solutions reduce costs, increase profits and dramatically increase the receivables recovered. Firstsource Solutions provides a mix of early and late stage collections and recovery solutions for large businesses including credit card and mortgage companies, retail banks, healthcare providers and telecommunications & media companies. Firstsource has 1400 collections and recovery agents, who can service out of our multiple delivery centers in two continents.

Firstsource boasts of six of the ten largest credit card companies and three of the five largest banks as customers in the U.S. Amongst Firstsource’s client list in UK, are card operations of a Top 5 retail bank, a FTSE 100 telecom and a FTSE 100 media company.

Key differentiators

Firstsource utilizes the predictive analytics technique, which requires an external industry specific score together with internal scoring and analytics to scope work activities to improve account penetration and collection results. The basis of our collections strategy is to get the right account to the right collector, at the right stage of delinquency, to maximize economic performance.

• Rightshoring approach: Onshore recoveries practice for local market expertise coupled with offshore delivery for maximum effectiveness and BCP is an obvious advantage of multi-shore delivery
• Compliance and Regulations: We have a comprehensive set of compliance measures and processes, enabling effective risk mitigation and management for our clients, these include:
  • Education and awareness programs for employees to keep pace with changing regulations, strict adherence to regulatory and customer standards and strong focus on quality assurance and control
  • Pursuing standards of industry leadership and customer care including PPMS, PCI and SAS70
• Process Excellence and Service Quality: Firstsource has stringent quality assurance processes to monitor and ensure adherence to specified guidelines. Six Sigma practices are used to proactively implement process improvement initiatives that deliver tangible business benefits to our clients.
• Information Security & Privacy: Firstsource follows best practices in information security and is an ISO 27001 compliant organization. Security measures include:
  • 24/7 video surveillance and restricted, controlled access to secured areas
  • Multi-tiered firewall and proxy server protection
  • Information confidentiality and security agreement as a condition of employment
  • Documented procedures to handle regulatory agency requests and assistance in BSA, AML and USA Patriot Act requirements
• Technology Infrastructure: Our state of the art delivery centers are equipped with the latest tools and technologies. This includes robust and flexible collections systems, telephony and outbound VRU systems. Our technology ensures timely, efficient account management and provides customized and responsive solutions
• HR Practices: Our HR practices including flexible staffing options and proven systems to balance resources are tailored for the collections business and are designed to achieve the best possible results for our clients

Top