Financial Services Industry Solutions
Case Study – Financial Services
Reducing Cost & Improving Returns
- In 1998, a large financial services company was looking for a third party collection agency to assist them in recovering auto deficiency account receivables.
- With a monthly charge off averaging over 28mm with 6 month recovery averages hovering around .35%, their goal was to improve this to above 50%.
- We had in-depth management expertise on staff with previous auto deficiency collections experience. Using this knowledge and experience, we recruited, hired and trained a team to meet the client's goal
- Utilizing a score-based, customer lettering and segmentation strategy along with specific agent dialect assignments designed for auto deficiencies, we were able to cater to the client's needs
- Within 6 months of onboarding the accounts, we were averaging $9mm in monthly placements and a six month recovery rate at .57%
- With on-going daily/weekly/monthly strategy reviews and performance tracking, we consistently exceeded client expectations while, month over month, continuing to raise the bar with record-breaking recovery results
- Developed a 16 year relationship
- Consistent "best in class" performance
- Raised the performance standard causing the other agencies to invest, rework their strategies and meet the revised delivery expectations of the client
- Improved revenue for the client while reducing their risk
- Expanded into other streams of business
- Sharing key performance indicators and enrichment procedures to assist competitors with improving their levels of recovery