Customer Success Story
Optimizing Debt Recovery For A Large Federal Agency
The Challenge
- Geographical Reach and Diverse Customer Base: Operating in 50 states presents a challenge due to differing regulations, cultural norms and languages. Adapting collection approaches to suit each region was essential.
- Account Holder Location and Contactability: Location and contacting delinquent account holders posed a challenge, necessitating an efficient skip tracing process.
- Sensitive Data Handling and Compliance: Maintaining security and privacy of customer account information, adhering to privacy regulations, and ensuring compliance with the law were paramount concerns.
The Approach
- Localized Recovery Strategies: TSI customized debt collection approaches for each region, considering cultural differences, legal frameworks and communication preferences.
- Advanced Skip Tracking Techniques: Leveraging technology and advanced skip tracing techniques to enhance the success rate in locating and contacting delinquent holders.
- Strict Data Privacy Protocols: Implementing robust data privacy protocols to ensure the security and privacy of account information, aligning with global data protection regulations.
The Results
- Improved Collection Rates: Tailoring collection approaches based on geographic locations resulted in improved collection rates, as strategies were more culturally sensitive and relatable to the customers.
- Enhanced Contactability: Advanced skip tracing techniques significantly increased the rate of successful contact with delinquent account holders, subsequently improving debt recovery.
- Compliance and Data Security: Stringent data privacy protocols ensured compliance with regulations and enhanced the security of customer account information, building trust and mitigating risks.
Conclusion
The enduring success of the partnership between TSI and the federal agency is prominently showcased through their collaborative endeavors. Employing a strategic approach, the alliance effectively tackled challenges linked to geographical diversity and data security. The outcome has been a notable enhancement in debt recovery rates, thereby fortifying financial integrity. This illuminating case study underscores the pivotal role of customized strategies and steadfast compliance with regulations in optimizing debt collection services, particularly within the expansive realm of a large-scale organization, all of which has been achieved through the robust collaboration between a domain expert and a federal agency.
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
