RP Sanjiv Goenka Group

$4M auto lease debt recovered for a luxury brand while building loyalty

The challenge: Recover debt while building loyalty to the brand as strong as the love of the vehicle

Facing a rising tide of outstanding debt associated with its auto leasing business, this luxury automobile manufacturer sought experienced debt recovery support. But this was not a typical debt recovery situation: its customers include high-profile celebrities, athletes and community leaders who need to be thoughtfully handled because of their unique situations and value to the brand franchise.

How do you recover debt under these circumstances? With exceptional service, of course! Each case often required delicate negotiation, as the causes for the debt was complex with resolution requiring coordination among multiple parties. Many times Dealers, insurance companies and auto repair facilities had to be involved to produce a successful outcome.

Every associate had to be part detective, part problem solver and wholly empathetic.

The client wanted cases to be resolved quickly and the consumer’s loyalty to their brand renewed through the process.

Our solution: Receivables Management with a premier service culture supported with Intelligent Automation

Firstsource leveraged its AI and Machine Learning-led Receivables Management solution that supported a dedicated team of experienced, empathetic associates.

Robotic skip tracing processes identified available contact channels. Artificial Intelligence highlighted optimal times and channels for consumer contact, and business intelligence mapped the customer’s journey through debt recovery. Still, it is the rapport fostered by our associates with the customer that nurtured loyalty to the client’s brand.

“Our client has embraced Intelligent Automation as a core element of their debt recovery program,” explained Anthony Balon, VP of Operations, Firstsource. “Data drives decisions in nearly every facet of their operation, and it reflects in the quality and outcome of every consumer engagement.”

The result: Breakthrough performance enabled by advancEdTechnology

Today, Firstsource is responsible for 61% of the client’s external debt recovery volume, more than triple the share from the initial engagement. The client is enthralled with our performance, customer care and use of business intelligence. Customers whose debt is resolved routinely come back to lease new vehicles.

“We shape our collections centers around a client’s needs and their culture,” Balon added. “Our performance is a result of our ability to reflect our client’s values.”.

The client has asked Firstsource to expand its services to address process automation opportunities, like automating creation of the initial debt collection letter that contains specific values relating to the lease agreement. Additionally, Firstsource is developing a digital repository, unique to each customer, where photographs, odometer readings and documents can be uploaded. This will be a convenient and expedient process that will lower costs and eliminate days in debt recovery.

Business impact

$4M

in auto lease debt recovered in one year


61%

of client’s debt recovery volume managed


Performance Leader

among five debt recovery agencies involved


 

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