CASE STUDY:
Improving Receivables Management to Maximize Collections and Increase Revenue
The Challenge:
Inadequate Communication Protocol with Consumer Causing Frustration
Multiple communication methods deployed for a single end consumer, the communication process proved to be expensive and inefficient, as well as aggravating to the end customer, because the communication protocol ignored the customer’s preferred method of communication. Additionally, with fraud at an all-time high, were the existing and potential new consumer really who they claimed to be or had their identity been stolen. Customer Engagement and ID Verification was quickly becoming critical due to low customer satisfaction.
The Strategy:
A Competitive Sourcing Event, Requirement Development and an Unconventional Solution
The Receivables Management team needed to streamline the communications process to the consumer that also addressed ongoing fraud with ID Verification. Two clear requirements, would two platforms be required? Though the Collections area of the business was mature, it had been manually managed for many years. Due to historical processes and guidelines, a difficult decision had to be made. We developed a strategy and agreed to launch a base set of requirements to gather market intelligence. The results set the bases of a long-term strategy as well as a single platform requirement for both Fraud Detection and ID Verification. We created comprehensive analysis of three major vendor platforms and their contractual terms, negotiated a 90-day Proof of Concept, we selected a best-in-class provider.
The Results:
One Solution Solves Two Challenges
The new platform streamlined the company’s communications process, mitigated the company’s fraud risks and increased consumer engagement with customer all within a single platform. The implementation of this new platform saved the company 65% in communication costs, reduced expenses, and increased consumer satisfaction by 57% in the first year. Win-Win-Win.
We successfully transformed a problematic area of the company that was negatively impacting net promoter scores for the company. We left the business unit with a digital and world-class application that secures revenue for the company.