One of the Nation's Top 50 Bank Holding Companies

A Vision and Roadmap for Transforming Debt Collection


What if... we could develop an end-to-end multichannel communications roadmap that would improve the customer experience and reduce loan losses?

Our client, one of the nation’s top 50 bank holding companies, brings more than 150 years of proven strength and experience to helping individuals and businesses solve financial challenges. The bank delivers high-touch services and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile, and through a 24/7 customer service line.

Connecting With Customers During Difficult Times

The bank thrives on strong community relationships and is recognized as an innovative leader in financial services. At the same time, the organization strives for constant improvement and is always looking to capitalize on its industry-leading position.

The bank was beginning to experience increased payment delinquencies due to the economic impact of COVID-19, and was anticipating an even greater increase over the next few years. It recognized recognized a need and opportunity to modernize how it engages customers in order to set the company up for long-term success.

We were asked to develop a comprehensive roadmap that would enable our client to mitigate the expected increase in delinquencies and reduce loan losses.

Developing a Vision and End-to-End Roadmap

Our collection and loss mitigation experts worked hand-in-hand with the bank’s loss containment group to understand the intricacies of its processes, technologies, and teams.

We analyzed and assessed every ounce of our client’s operational model in order to create a transformational vision and self-funding roadmap with recommendations for the best technology to support the plan.

Some of the suggestions we made revolve around personalization, segmentation, workflow and process optimization, and the use of communications channels such as text, chat, and email.

We helped our client identify actionable insights and process gaps that informed the creation of an end-to-end, self-funding roadmap to support development.

Results

Positioning the Organization for Customer Engagement Success

We helped our client identify actionable insights and process gaps that informed the creation of an end-to-end, self-funding roadmap that will support the development of:

  • An end-to-end multichannel communications strategy to engage with borrowers, from pre-delinquency to charge-off, in order to reduce the number of accounts that become delinquent
  • A collections function centered on the customer journey
  • Segmentation strategies that:
    • Predict future behavior that addresses impacts of the coronavirus outbreak and related economic impacts
    • Dynamically suggest channel and treatment strategies, pre-delinquency actions, and debt relief offers that optimize contact strategies, recoveries, cost, and customer experience
  • An underlying infrastructure to support new analytics models, operational parameters, and systems

The roadmap is based on best practices, process improvements, and best-of-breed technologies. It puts the organization in a position to better engage customers and cultivate loyalty to reduce loan loss risk.

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