Our client faced the challenge of reorganizing and streamlining the fragmented and manual collection processes across its subsidiaries and brands. The existing collection process primarily relied on a single channel of communication, via the telephone.
3.3m
corporate & retail customers
Global
multi-brand presence
300
branches
The CHALLENGE
Fragmented Process
The existing system was largely fragmented, with different banks, departments and teams using disparate processes and tools for managing collections. This fragmentation resulted in inefficiencies, data discrepancies, and increased operational costs. Moreover, the reliance on manual processes, particularly through telephone communication, posed limitations in terms of scalability, customer reach, and overall effectiveness.
Key Requirements
THE CHALLENGE
Key Challenge Areas
OUR SOLUTION
Establishing a Solution
To overcome these challenges, we implemented a solution using the Pega platform, which offered the ability to create and manage customized workflows tailored to the specific business requirements. This unified process could be exposed to all four brands, allowing for efficient, well-informed decision making, minimizing the risk of human error.
DELIVERY
A Phased Approach
WORKING TOGETHER TO FIND A SOLUTION
Identifying the challenge
Initial considerations
Delivered results
Results achieved
Real Results Delivered
50%
reduction in onboarding time
2.5x
increase in revenue growth
82%
increase in employee retention rate
In conclusion, the implementation of our solution has transformed the collections process, improving efficiency, reducing errors, and most importantly enhancing the customer experience. By streamlining collections through automation, banks can lower operational costs and increase revenue whilst maintaining and improving customer satisfaction.
Improved efficiency
By leveraging process automation and adopting an omni-channel communication approach, significant efficiencies were achieved in the collections process. The implementation of automated systems and streamlined workflows resulted in a reduced reliance on advisers throughout the entire process, leading to substantial time savings.
Enhanced Customer Experience
Empowering customers to manage their own debt without the need for constant intervention from an advisor has proven to be instrumental in enhancing the collections process from a customer’s perspective. By providing customers with the tools and resources to take ownership of their debt, they are more motivated and proactive in addressing their financial obligations.
Enhanced Customer Care
The reduced reliance on advisers throughout the process allowed an allocation of more time and attention to cases that demanded their expertise. This enhanced their effectiveness in handling complex situations, negotiations, and providing personalized support to customers when necessary.
Increased Revenue
Overall, the revenue increase resulting from a faster collections management process showcases the ability to optimize cash flow, reduce financial risks, and maintain strong customer relationships. By prioritizing efficiency and effectiveness in debt recovery, the bank has successfully translated its collections efforts into tangible financial gains.
