Recovery Loan Scheme, CBILS and BBLS
Insights driven operations & communications
Using data to automate processes and enhance services
Leverage Intelligent Automation to detect fraud and improve customer engagement
Recovery Loan Scheme, CBILS and BBLS lenders can mitigate risk by using artificial intelligence (AI) to detect fraud and improve customer engagement by running automation and analytics. Firstsource helps clients do more with data. See how we’ve optimised client operations and customer communications in the success stories below.
Proactively identifying and handling risky areas
Tighter risk controls and improved customer experience for commercial finance
The challenge
The challenge
The solution
The solution
As part of an outsourced solution Firstsource deployed Intelligent Automation (IA) based on robotic process automation (RPA) and machine learning, to automate:
> 30 processes across factoring and invoice discounting
> Sales ledger reconciliation in invoice discounting
> Risk management activities such as aged- and over-credit limit calculations
> Auto-emailing of debt verification information to debtors
> Month-end risk analysis with a granular level analysis for sales ledgers and creditors, applying client rules and system updates to ensure funding rules are in place.
The outcome
The outcome
Firstsource helped the commercial finance division reduce invoice financing risk resulting in:
> £3.5m decrease in risk exposure from inaccurate reserves
> Faster execution of risk controls with month-end activities completed within 24 (compared to 48-72 hours prior to automation)
Importantly the solutions led to operational and customer experience improvements through:
> Greater visibility on all activities, quality and compliance
> Higher accuracy of end-client risk activities
> Increased accuracy and compliance in client servicing and account maintenance
Adjusting operations and communications
based on profile data
Driving collections and customer interactions with data insights
Collections were proving a big challenge for one organisation. This client asked Firstsource to address its technology and processes issues and to meet its strategic goals to:
> Become a true service centre and a provider of choice by offering an efficient, high-tech collections process supported by excellent communications and engagements
> Improve cash flow and revenue cycle through better collections
Firstsource provided a collections portal with the look of best consumer-centric websites. We enhanced interactions by utilising intelligent analytics, powered by propensity-to-pay scoring models, machine learning and AI, allowing us to:
> Optimize the ability to pay with individually customised payment program
> Find undiscovered funding sources by applying advanced analytics to cases
> Enhance engagement and improve contact by using algorithms to fine-tune communications
> Improve customer interactions by learning from actions with highest satisfaction
The client realised its goals with Firstsource delivering an elevated, full-service financial experience for customers. We also improved finance recoveries, resulting in:
> A reduction for bad debt expense, and lower collections expense
> Contact and payment rates exceeding average recovery by 20% within the first few months
