Customer Success Story
Optimizing Consumer Portfolio Acquisition For A Leading National Financial Institution
The Challenge
The client, a prominent player in the financial services sector, was grappling with an aggressive consumer portfolio purchase strategy. The strategic imperative was to acquire consumer portfolios swiftly, with stringent servicing transition timelines. However, they were averse to the idea of retaining servicing, given that these portfolios were sourced from various sellers. Servicing retention would have meant managing multiple servicers for the acquired assets, which was neither cost-effective nor operationally efficient. Furthermore, the client’s internal servicing operations, platform, and IT resources imposed limitations on portfolio transfer windows, leading to prolonged timelines.
The Solution
In the face of this formidable challenge, the client sought a strategic partner to streamline their asset acquisition process. This is where TSI entered the picture as a game-changer. TSI was chosen as the strategic servicing provider based on its proprietary platform, track record of operational excellence, portfolio management expertise, flexibility, and rapid response capabilities.
One of the key differentiators that TSI brought to the table was its proprietary system, purpose-built to handle consumer receivables seamlessly from boarding through deficiency collections. This level of control gave TSI the unique ability to transfer portfolios swiftly with minimal complications. Importantly, it provided the flexibility needed to work within the timeframes dictated by both the sellers and the client.
TSI’s commitment to delivering excellence extended beyond the norm. They went above and beyond by offering on-site due diligence support at the seller’s servicing location. This hands-on approach ensured that every facet of the transition process was meticulously managed.
At the heart of TSI’s solution was their proprietary system, designed to handle consumer receivables with precision. It enabled the rapid transfer of portfolios, with meticulous attention to data accuracy. As part of their process, a comprehensive report was generated from TSI’s servicing system and cross-verified against physical documents to confirm the accuracy and completeness of data. Any discrepancies were promptly flagged, and an exception report was created for resolution. TSI also provided invaluable pre and post-transfer reconciliation against multiple sets of files, ensuring a seamless transition.
The Results
The results of this transformational partnership were nothing short of remarkable. By choosing TSI as their strategic servicing provider, the National Financial Institution streamlined its asset acquisition division. The benefits reaped from this partnership included:
Swift Portfolio Transfer: The client was able to acquire consumer portfolios at a pace that exceeded industry standards, thanks to TSI’s proprietary platform’s speed and precision.
Operational Efficiency: The client avoided the complexity of managing multiple servicers for the acquired assets, thus reducing operational overhead and streamlining processes.
Data Accuracy: The meticulous due diligence and data verification processes implemented by TSI ensured that all acquired portfolios were accurate and complete, minimizing potential risks.
Flexibility: The ability to work within timeframes set by both sellers and the client allowed for greater flexibility and agility in portfolio acquisition.
Cost Savings: The client achieved significant cost savings by eliminating the need for internal servicing resources and by optimizing the portfolio acquisition process.
In conclusion, this case study illustrates how a strategic partnership with a specialized servicing provider like TSI can transform the way financial institutions approach consumer portfolio acquisition. In an industry where speed, accuracy, and operational efficiency are paramount, TSI’s innovative approach delivered tangible results that empowered our client to maintain its competitive edge.
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
