From market competitor to market leader in three months using a digital-first strategy

Key requirements

The client is a BNPL company serving millions of customers in North America, Europe and Australia. A growing concern, they employ nearly 1,000 people.

Motivated to encourage timely repayment from purchases made over its unique network, the client sought an approach that improved collections performance on day one Firstsource was selected by virtue of its extensive track record for performance in debt collections and its reputation for pioneering new strategies.

The challenge was to quickly transition to a Digital Collections Solution that afforded the client’s customers flexibility, control and choice – the very qualities upon which the client built their own business model. As the client was a fairly new entrant, they were also eager to build a reputation for dynamic growth and an innovative approach to business.

While collections performance was a leading requirement, the client also sought to lower the cost of collections or liquidations, primarily through quick resolution of obligations in default. Quickly resolving debt qualifies the customer to re-use the service, engendering loyalty and protecting the client’s brand.

New capabilities

  • Firstsource introduced predictive modeling measuring propensity to pay, guiding collections strategy
  • Automated collection platform that enables self-service through an intuitive design, providing the customer autonomy and a sense of control
  • A white-label digital solution that supports non-intrusive customer engagement 24/7, supported by a dedicated team when needed

Solution Synopsis

  • Modernized approach to collections using a digital first strategy
  • Implemented Omnichannel capability,  improving bandwidth to customers
  • Improved collections and liquidation rates
  • Introduced predictive modeling to drive collections performance

Operations makeover

Firstsource implemented its Digital Collections Solution to improve borrower engagement while offering tailored repayment plans that engendered customer loyalty.

The technology enabled a personalized approach to collections that espoused a “we’re here to help” persona, which was consistent with the client’s business culture.

Armed with real-time business intelligence, Firstsource Implemented a data-driven approach to prioritize collections and customization of settlement options based on experiential data. This led to the creation of engagement templates that delivered electronic messages using personalized subject lines and custom settlement offers.

Performance improvement

Once implemented, the Firstsource Digital Collections Solution lowered the client’s cost-to-collect by 20% and delivering on a critical collections efficiency milestone.

Six-month liquidations achieved 24% of placed balances as a result of Firstsource’s improved collections efficiency.

By month four of the engagement, Firstsource had generated $3.6 mn in collections, addressing the client’s requirement for near-immediate collections efficiency.

Better than expected results

As a result of deploying Firstsource’s Digital Collections Solution, the client was recognized for achieving best-in-class performance within three months of launch.

The digital strategy implemented by Firstsource that featured multi-channel communication, intuitive self-service, and personalized customer engagement outperformed vendors that had two or more years of experience providing the client collections services.

As measured through customer satisfaction surveys, customers who engaged the Firstsource solution expressed overwhelming approval of the client’s empathetic approach to collections.

Business impact

20%

reduction in cost to collect


$3.6mn

generated in collections within four months


Best in class

Recognized as Best in class in liquidation performance within three months of adaptation


Outperformed

existing vendors having 2+ years of engagement


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