Customer Success Story
A Lending Financial Institution’s Strategic Expansion Through Long-term Partnership
The Challenge
LFII initiated the journey with a modest team of 25 Full-Time Equivalent (FTE) agents responsible for making outbound sales calls. The challenge was multifaceted. They needed to rapidly scale their sales operations, engage a larger customer base, and diversify their product portfolio. This required not only an expansion of their workforce but also the development of a more comprehensive strategy to maximize customer acquisition.
The Solution
Over the course of their long-standing relationship with TSI, their outsourcing partner, LFI adopted a holistic approach to address these challenges:
- Expansion of Workforce: LFI steadily expanded their relationship with their service provider, TSI, to encompass 250 FTE agents. This expansion allowed them to reach a broader audience and drive increased sales.
- Diversification of Product Portfolio: Beyond basic credit card products, LFI ventured into outbound acquisition of various financial products, including credit card acquisition, home equity prequalification, affinity credit card sales, balance transfer acquisition, and welcome calls. This diversification allowed LFI to engage customers with a broader range of financial services.
- Geographical Expansion: The partnership with TSI was driven by innovation, including being the first supplier to deploy facilities in Canada. This expansion not only added a new dimension to their operations but also demonstrated their commitment to serving customers across borders.
- Affinity Card Programs: The partnership evolved to make LFI the sole service provider for ten unique affinity card programs over the years. This strategic move capitalized on the power of partnerships and exclusive offers, enhancing customer loyalty.
- Business Card Acquisition Services: LFI established itself as a leading provider of Business Card Acquisition Services, showcasing their expertise in catering to the business community’s financial needs.
Experimentation and Innovation: LFI and their service provider continually explored new strategies and test programs, allowing for experimentation with various target markets. This agility in adapting to changing customer dynamics proved invaluable in driving results.
The Results
The journey they embarked on yielded remarkable results:
- Geographical Expansion: LFI’s strategic partnership led to the deployment of facilities in Canada, demonstrating their commitment to serving global customers.
- Exclusive Affinity Card Programs: The exclusive affiliation with LFI as the sole service provider for ten unique affinity card programs showcased the success of their partnership in building customer loyalty.
- Business Card Acquisition Leadership: LFI’s leadership in providing Business Card Acquisition Services reflects their proficiency in addressing the financial needs of the business community.
- Innovation and Experimentation: LFII’s willingness to experiment with various target markets allowed them to stay ahead of the curve and adapt to evolving customer preferences.
In conclusion, LFI’s long-term partnership with TSI and strategic expansion have not only addressed their initial challenge but also transformed them into a versatile lending financial institution with a global reach. This case study highlights the power of a strategic partnership, agility in adaptation, and a customer-centric approach in driving business success.
Customer Experience/Care Management
Inbound & Outbound Voice
CX & Care Programs
Back-Office Functions
Performance Analytics
Flexible Global Staffing
Business Process Outsourcing
Data Input
Document Processing
Verfication & Validation
Exception Processing
QA Monitoring & Reporting
Business Analytics & Modeling
First Party ARM
1st Party Collections
Pre-Charge Off Program Support
Inbound & Outbound
Early Stage / Care Based
Brand Protection
IT Adaptability / Flexibility
third Party Debt Collection
Post Charge-Off
Primary & Secondary
Late-Stage Recovery
Innovative Technology & Approach
Propensity to Pay Analytics
