Debt Collections & Vulnerable Customer Management
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Case Study - gLOBAL DEBT COLLECTION PARTNERSHIP
The Client
Our client is a global leader in Debt Collection and is one of the largest DCA’s in the Australia and the US. They are now one of the fastest growing in the UK and use Contact Web as their people collections team.
Goals/Challenges
The partnership had many objectives, including the need for standing up a skilled team quickly, ensuring regulatory compliance across diverse sectors, and effectively managing communication with vulnerable customers. Additionally, there were goals on collection amounts, desired outcomes, and overall service quality.
Solution
In response to these objectives, we swiftly devised a comprehensive solution that addressed the core goals. Within an impressive timeframe of just 5 business days, we successfully formed a highly skilled team with extensive experience in collections. This team was strategically allocated to work across regulated sectors, showcasing our commitment to compliance and the ability to handle sensitive interactions with vulnerable customers.
To ensure the team's competency, we implemented rigorous competency tests, swiftly integrating them into the client's systems for maximum efficiency. Leveraging a multi-channel approach, our team initiated prompt communication through phone calls, SMS, and emails. This not only accelerated the collections process but also contributed to the development of a streamlined and efficient collections journey.
Benefits
The implemented solution yielded strong results, demonstrating the effectiveness of our approach. The call quality reached an outstanding 97%, underscoring the team's proficiency and adherence to quality standards. Early collections experienced a substantial 35% increase, showcasing the immediate impact of our strategies. Additionally, there was a notable 17% increase in the establishment of payment plans, further enhancing the financial arrangements with customers.
Contact Web won the longer-term contract and continue to act as the Operating unit for the agency. Through this we have worked across Tier 1 Banking clients, Travel, Energy and Healthcare sectors.