Customer Success Story
Transforming Delinquent Customer Payment Solutions
The Challenge
TSI confronted a formidable challenge in recovering payments from delinquent customers across diverse ventures. Operating in Canada, the United States, Barbados, and India, TSI grappled with the intricacies of a geographically dispersed clientele. Conventional debt collection methods were becoming less effective, necessitating a shift towards digital solutions. Key challenges included:
- Engaging Delinquent Customers: Encouraging delinquent customers to opt for internet-based payments presented a significant hurdle. Conventional communication channels were proving less effective, demanding a digital approach.
- Customized Decision Engines: Designing and implementing tailored decision engines on new venture websites emerged as a complex task, requiring seamless online payment experiences for customers.
- Efficient Credit Assessment: Swift and precise assessment of potential customers’ credit reports in line with the financial institution’s criteria demanded an efficient electronic system.
- Fraud Detection: As online payment options expanded, the detection and mitigation of fraudulent applications became increasingly vital. TSI needed an effective solution to discreetly identify and address fraudulent activities.
The Solution
To surmount these challenges, TSI initiated a comprehensive solution strategy in partnership with the financial institution:
Engaging Delinquent Customers: TSI developed an innovative web-enabled initiative to gauge the probability of delinquent customers embracing internet-based payments. This initiative involved crafting customized communication strategies for each venture, ensuring confidentiality.
- Customized Decision Engines: Collaborating closely with the financial institution’s technical team, TSI designed and seamlessly implemented decision engines on new venture websites. These engines streamlined payment processes, preserving the financial institution’s identity.
- Efficient Credit Assessment: Leveraging TSI’s expertise, an electronic credit assessment system was deployed to expedite evaluations in strict accordance with the financial institution’s criteria while maintaining discretion.
- Stealthy Fraud Detection: The partnership invested in cutting-edge fraud detection technology to identify and thwart fraudulent applications discreetly, safeguarding financial interests without revealing the financial institution’s identity.
The Results
The implementation of these solutions yielded transformative results:
- Web-Enabled Initiative: TSI, in partnership with the financial institution, initiated a groundbreaking pilot web-enabled initiative to assess the likelihood of delinquent customers adopting internet-based payments, marking a significant shift towards digitized debt collection methods while protecting the financial institution’s anonymity.
- Enhanced Payment Recovery: The integration of decision engines into venture websites enhanced payment options for customers, significantly boosting payment recoveries without disclosing the financial institution’s identity.
- Swift Credit Assessments: TSI’s electronic credit assessment system streamlined the process, enabling faster evaluations and more informed decisions while preserving confidentiality.
- Effective Fraud Prevention: The partnership’s investment in advanced fraud detection technology discreetly identified and prevented fraudulent applications, minimizing financial risks without revealing the financial institution’s identity.
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
