Collection Solution Within 6 Months
Collection Solution within 6 months
Business Goal: Improve Collections
Our client who operates internationally and has recently in the past few years made a big mark in the consumer lending space in Australia were having issues with their collections department in house.
They were already taking inbound customer services enquires for us, having exceeded their expectations with inbound customer service and having learned that we also specialise in the early collection for both consumer and business customer, talks began to outsource their collections activity into CDM Direct.
To measure our performance, we were given a target to reach a conversion rate of 90% with a regularisation rate of 80% over a 6 months period. The approach we took to get to this target is by focusing on keeping the customers in the payment cycle, however, this was a double-edged sword. The first hurdle that we needed to overcome was to penetrate through to the customers and get a promise to pay.
We adapted strategic techniques. For example, making use of a uniquely programmed predictive dialer system, which works on calling accounts at a different time and days of the week, using multiple caller ID numbers and by skip tracing, we managed to achieve a penetrate and achieve a conversion rate of 93%. By reviewing loan cards on a regular basis and keeping customers in the payment cycle, after a 6 months period, we hit a regularization rate of 85%.
Our collections team for this particular client has increased from 2 agents to a team of 7 FTE agents now.
Achieved a penetrate and achieve a conversion rate of 93%
Target was reached within 6 months
Fast Regulation Rate
We hit a regularization rate of 85%