Customer Success Story
Transformation: Revolutionizing Payment Collection and Risk Management in Financial Services
The Challenge
A prominent financial services company faced a common but formidable challenge in the financial services industry – the efficient collection of payments from delinquent customers. With operations spanning multiple regions, managing the intricacies of delinquent accounts proved to be a daunting task. Additionally, the organization was concerned about the potential risks associated with fraudulent applications slipping through the cracks. Traditional methods of collections and credit assessment were proving inadequate for their evolving needs.
The Solution
To confront these challenges head-on, TSI devised an integrated and forward-thinking solution:
- Proactive Customer Outreach: TSI initiated a proactive approach by engaging with recently delinquent customers through web-enabled channels, particularly the Internet. This strategic shift aimed to provide customers with a more convenient platform for making payments, thereby increasing the likelihood of timely collections.
- Decision Engine Implementation: Recognizing the importance of data-driven decision-making, TSI designed and implemented sophisticated decision engines for each of their new venture’s websites. These decision engines harnessed advanced algorithms to analyze customer data and tailor collection strategies to individual cases, optimizing the chances of successful recovery.
- Credit Report Assessment: TSI incorporated Capital One’s robust credit assessment criteria into their processes. This enabled them to evaluate potential customers’ credit reports comprehensively, identifying high-risk applicants who might be prone to default. Such insights empowered TSI to customize collection strategies based on an individual’s creditworthiness.
- Electronic Results Delivery: TSI streamlined their operations by electronically delivering results to relevant teams. This not only expedited decision-making but also minimized the scope for human error, enhancing overall efficiency.
- Fraud Detection Measures: To tackle the issue of potentially fraudulent applications, TSI implemented an array of algorithms and rules to identify suspicious cases during the application process. This proactive approach helped them flag and investigate questionable applications, safeguarding the organization against potential financial losses and reputational damage.
The Results
The implementation of TSI’s innovative solution yielded a multitude of positive outcomes:
- Pilot Web-Enabled Initiative: TSI was not only invited but successfully launched a pilot program to gauge the likelihood of delinquent customers embracing online payment options. This initiative validated the efficacy of their approach, with promising results in terms of customer engagement and payment collections via the Internet.
- Enhanced Operational Efficiency: The incorporation of decision engines and electronic results delivery significantly streamlined TSI’s operations, substantially reducing the workload of their 1,300 FTE across diverse regions.
- Effective Risk Mitigation: Through the integration of credit report assessments and robust fraud detection measures, TSI fortified their risk management strategies. This not only shielded the organization from potential revenue losses but also preserved their reputation.
Acknowledgments:
TSI’s achievements are exemplified by their multi-year recognition as “Supplier of the Year for Skip Tracing, “Supplier of the Year for Inbound Cure” and “Supplier of the Year for Outbound Cure”. These accolades underscore TSI’s commitment to excellence in the financial services industry.
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
