Improving collections through digital modernization

A US Bank customer story

Modernized a traditional debt collection operation for a major bank by transitioning to a digital-led approach in less than 16 weeks. Established an omnichannel contact center, with customer engagement guided by artificial intelligence. Used a “clean sheet of paper” approach, developing scripts, templates, a web-based contact center and CRM.

The client was recognized for innovation and it consolidated its collections support arrangement with Firstsource. Today, more than 60% of the collection cases come through the digital stream.

Looking forward, we are building a Machine Learning module to further improve ROI and elevate the customer experience.

Business challenge

Recognizing the limitations of a traditional collections process, the bank sought to modernize its approach to improve performance and adopt a more consumer-friendly posture.

Firstsource and client’s team collaborated to

  • Quickly transform a traditional collections operation to a digital white-label model
  • Adopt a personalized, empathetic approach to convey to customers that we are “here to help”
  • Improve sales collection performance and manage a majority of accounts coming into collections. Produce a scalable solution that could quickly ramp up to address new segments
  • Develop and promote customer self-serve capabilities
  • Adopt an omnichannel approach to customer contact by enabling voice, email, webchat, text messaging, social media and whitemail
  • Ensure 100% compliance, elevate service quality and improve collections performance

Our Approach

Firstsource applied a ‘Digital First’ strategy that enabled a refined approach to collections while expanding lines of communication with customers. The solution included:

  • A personalized experience for consumers that uses Intelligent Automation to route customer inquiries and provide tailored options and solutions
  • An omnichannel communications platform that enables consumers to conveniently engage the financial institution
  • Timely information and tools that enable associates to connect with customers and deliver a superior experience based on Artificial Intelligence summaries of the customer’s profile
  • Real-time metrics that provides quality control feedback for 100% of consumer engagements, providing feedback for improving service performance
  • On-shore and off-shore teams that provide human voice to support collections and debt recovery

Firstsource solution

Given the requirement for a faster time-to-market solution, Firstsource marshalled the required resources to produce the following:

  • Firstsource’s Digitally Empowered Contact Center (DECC) solution supported by our on-shore and off-shore collections teams
  • Employed cloud-based technology and develop all required supporting elements including templates, CRM resources and omnichannel capability
  • Created an integrated digital communications approach that emphasizes intuitive self-service backed by FTE to support two-way communication when needed
  • Deployed our proprietary analytics methodology to create a model that predicts propensity to pay and customer priorities
  • Enabled 24/7/365 availability

Exceeding Expectations

The new platform achieved the highest CSAT and NPS scores in the network: CSAT >91 % consistently delivered.

The financial institution’s employees now have more career opportunities and potential for portfolio growth. The platform has supported employee growth from 40 FTEs to 175 FTEs in 18 months.

The platform’s ability to provide real-time metrics facilitates an incentive compensation program for employees.

Ready to transform your operations?

Connect with our team to understand how automation and analytics-led transformation can reduce costs and manual errors – all while improving efficiency and the overall Member and Provider experience.

Firstsource is now the financial institution’s largest recovery agency in the US, a position it secured in just 12 months time.

Business impact

Our solution delivered impressive results including:

  • Annually, Firstsource generates $65 million in USD for the client
  • Today, more than 60% of the clients’ accounts come through the digital stream and we have expanded to third party
  • We achieved a 101% improvement in average net yield per customer using a digital approach, from $69 to $139

101%

Improvement in average net yield


> 91%

CSAT consistently delivered

What’s your challenge?

Let’s work together to solve it.

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