Customer Success Story
Transforming Collections: A Case Study of a Long-Term Client Partnership
The Challenge
The primary challenge faced by our client was to efficiently manage collections across diverse geographic regions while maintaining high-quality service. Specifically, they encountered the following hurdles:
- Diverse Geographical Scope: The client’s operations spanned across the UK, the US, and Canada, necessitating an adaptable and globally-relevant approach to collections.
- Compliance and Regulation: Ensuring collections practices complied with different national and international regulations presented an ongoing challenge.
- Revenue Targets: Meeting and surpassing revenue targets consistently was imperative for the client’s financial health and growth.
The Solution
To address these challenges, the client and the service provider worked collaboratively to devise a comprehensive solution. Here’s an overview of key components:
- Global Footprint: The service provider established two dedicated teams in strategic locations. A team of 48 Full-Time Equivalents (FTE) in Ontario, Canada, was set up to handle first-party collections for the US credit card portfolio. Simultaneously, a team of 33 FTEs in Virginia Beach, USA, was assigned to manage first-party collections for the client’s student loan programs. This global presence ensured coverage across diverse markets.
- Regulatory Expertise: The service provider invested heavily in compliance and regulatory expertise. This included staying up-to-date with the evolving laws and regulations in the respective regions.
- Performance-Driven Culture: A performance-driven culture was cultivated within the teams. Virginia Beach consistently earned Tier Bonus 7, showcasing their commitment to excellence.
- Data-Driven Approach: The teams adopted a data-driven approach, leveraging advanced analytics and technology to enhance collection strategies. This allowed for a more targeted and effective approach to debt recovery.
- Revenue Maximization: The Canadian team exceeded their highest revenue goals by more than $1 million in 7 of 12 months, demonstrating their ability to consistently deliver outstanding results.
The Results
The results achieved through this long-term partnership were nothing short of remarkable:
- #1 Service Partner in the US: In 2011, the service provider was recognized as the top service partner in the US, underscoring their commitment to delivering exceptional service quality.
- Tier Bonus Consistency: The Virginia Beach team’s consistent attainment of Tier Bonus for 7 out of the last 8 months indicated their exceptional performance and dedication.
- Pre-Charge-Off Goal Surpassed: For 13 consecutive months, the teams managed to surpass the Pre-Charge-Off goal. Notably, they outperformed the client’s internal team and even outshone new competitors on a monthly basis.
- Exceeding Revenue Goals: Canada’s exceptional performance in exceeding revenue goals by more than $1 million in 7 of the last 12 months showcased their consistent ability to drive substantial financial gains.
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
