The Client
Mid-sized U.S. Regional Bank
Challenge
- Higher volume of delinquent loans leading to higher call volumes for collections
- Very high in-house call center costs
- Unable to use auto-dialer to reach many customers because of missing consent
- Complex operational metrics impacting business goals
Solution
- Recommended collections management strategies for the bank to enhance account penetration
- Provided performance standards that would meet the requirements of the bank’s business objectives
- Used quality/ performance analytics to implement action plans for process improvement
- Advanced analytics to identify deficiencies in existing collections operations, implement corrective actions and improve effectiveness of collections operations
Execution
- The leveraged offshore contact center at Philippines and offshore delivery model to manage outbound calls for early to mid-stage collections, including on weekends
- Allocated resources flexible with changes in volume and dialing strategy
- Moved manual dialling to Philippines, a lower cost geography (e.g. to obtain consent to dial mobile numbers)
- Focus on call quality and compliance goals
Value Delivered
- Achieved consistent cure rate of 94% and above on ~$80M annual delinquent balances across various mortgage & consumer loans
- 87% ‘Kept Rate’ on ‘Promises to Pay’’
