RP Sanjiv Goenka Group

Improving average net yield per customer by 101% through digital collections

The challenge: Improving collections performance while ensuring customer satisfaction

An American bank specializing in credit cards, auto loans, banking, and savings accounts, with operations primarily in the US was looking to upgrade their collections practice for improving sales collection performance and manage new accounts coming into collections while ensuring a good customer experience.

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 through omnichannel engagement by enabling voice, email, webchat, text messaging, social media and whitemail. A scalable solution was needed that could quickly ramp up to address new segments.

Firstsource was required to ensure that all customer contact material, including scripts, chatbots and self-serve models were 100% compliant with FDCRA and related regulations.

The solution: A ‘Digital First’ strategy, expanding lines of communication with customers

Given the requirement for a faster time-to-market, Firstsource transformed the traditional collections operation into a digital white-label model leveraging its Digital Debt Collections offerings including:

  • Firstsource’s Digitally Empowered Contact Center (DECC) = supported by our on-shore and off-shore collections teams ensuring 24/7/365 availability
  • An omnichannel communications platform enabling consumers to conveniently engage with intuitive self-serve capabilities
  • Intelligent Automation tools for associates to offer personalized solutions based on customer profile insights
  • Real-time metrics to provide quality control feedback for 100% consumer engagements
  • Proprietary analytics methodology to create  a model that predicts propensity to pay and customer priorities

The result: Delivering superlative customer experience while improving recoveries

The client achieved a 101% improvement in average net yield per customer using a digital approach, from $69 to $139. Annually, Firstsource generates $65M in collections for the client. Currently. more than 60% of the clients’ accounts come through the digital stream. 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

In the near future, we are building a Machine Learning module to further improve ROI and supercharge the customer experience.

 

Business impact

$139

Average net yield per customer up from $69


> 91%

CSAT consistently delivered


16

Weeks for modernizing operations


60%

Engagement through digital

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