Context:
- An 80% increase in arrears due to the 2022-23 cost of living crisis left the collections team of a leading UK motor finance company facing significant challenges in addressing future resource demands and straining their collections capacity.
- he combination of a tight recruitment market and the introduction of Consumer Duty regulations created a complex environment.
Goal:
- Manage surges in inbound calls, particularly during peak times, quickly adapt its approach to maintain service standards, ensure exceptional call quality and deliver positive customer outcomes, while optimising the recovery of overdue accounts and preserving customer goodwill.
- Ensure compliance with new Consumer Duty regulations, ensuring customer protection standards were met.
How we made it happen:
Exploring Tech
- Digitally Led Collections: A self-serve strategy is being considered by the client to enable customers to manage their accounts via their preferred channel at a time and place that suits them
- Agent Assist: The client is assessing Agent Assist to support frontline service. This AI-powered tool provides real-time prompts, contextual insights, and workflow automation, helping agents respond more quickly, accurately, and empathetically.
- QA Automation: AI-driven quality assurance is under review to ensure consistent service and compliance. It enables full monitoring of voice, chat, and email interactions using natural language processing to assess sentiment, compliance, and agent performance.
Seamlessly Integrated
- Integration with Client Systems: The team worked seamlessly with the client’s dialler, CRM, and payment platforms, ensuring accurate tracking of activity and compliance.
- Onshore Collections Team: A dedicated team of 15 FTEs was established to handle outbound collections at all delinquency stages and support inbound call surges during peak.
- Collaboration with Specialist Teams: We integrated with the client’s specialist teams to address complex cases and enhance customer support.
Personalised Powerhouse
- Tailored Collections Strategy: A new strategy was developed and implemented to improve the customer journey, integrating digital channels to boost performance
- Empathetic Customer Engagement: Agents focused on o ering tailored payment solutions based on individual customer circumstances.
- Comprehensive Training Programme: Two weeks of induction training followed by three weeks of grad bay with joint oversight with client before agents move to full production.
- Dual-Site Expertise Optimisation: Engaged dual-site teams to leverage specialist expertise and optimise performance across locations.