The global social and economic climate has resulted in an increase in collection problems, with consumers not always taking collections very seriously until a debt is passed to a third party specialist. Our client’s requirements were to establish more effective credit policies. Their two major concerns were to reduce Cost to Serve and to substantially increase their standing in the industry for customer experience.
Their brief was a complex one and one which required the specialist services of Webhelp TSC who has the depth of experience and fire power to deliver these requirements. The aim was to create a centre of excellence for Credit and Collections, simultaneously reducing bad debt and increasing the customer base. They required accurate Credit Scoring and Risk Assessment for all of their customers. They also wanted to create customer advocacy through customer rehabilitation and retention and finally they wanted to reduce call volume through first contact resolution.
Client Director Jess Turner said; “These challenges were exciting and complex, but given our expertise and credentials in this area we were confident we could deliver”.
The solution to our client’s requirements included utilising our unique in-house customer experience measurement, customer and debt specific training, knowledge management and customer rehabilitation and retention. We were able to provide continuous improvements for our client via our sophisticated Business Intelligence engines; Intelligent Insight and our Model Office.
Webhelp TSC reduced call transfers from 21% to 11% for our client. We increased the conversion rate and cash per call rate, which reduced overall debt. We reduced the costs of operations through continuous improvement strategy, and we also reduced bad debts on new business to 2.4%. Webhelp TSC reduced and maintained bad debt below their target of 3% whilst we increased the desired client customer retention and loyalty. We designed and created an end to end customer handling process for our client and as a result, they have gained £550,000.00 in the last 12 months.