Optimizing Revenue Recovery

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The Challenge

As the fastest-growing credit card issuer in the U.S., our client faces the delicate challenge of reaching out to thousands of customers a day to recover revenue and retain business. But as more and more U.S. households ditched landline phones, it became challenging for the issuer to contact them at the right time on the right number. This caused the issuer to run into a high number of invalid contacts and increased risk with automated outbound dialing.

The Solution

iQor called in our data analytics team to examine the issuer’s accounts and offset the difficulties of outbound dialing with enhanced compliance and inbound contacts. For example, the issuer was executing a high volume of calls on Tuesdays at 4:00 PM, but this was when its right party contact rate was at its lowest. Not only that, our team discovered that after four outbound attempts, the issuer’s return rate significantly dropped. We also found that agents weren’t leaving voicemail messages so customers had no way of being informed of their account status or how to return the call.

iQor worked with the issuer to adjust the dialing campaign to call at the best performing times, which improved contact rates. We also applied a voicemail message at the end of the fourth outbound attempt, which put a voice to that pesky ringtone and gave customers a chance to prepare for the request. When the customer was ready to talk, we routed them to our higher performing agents to ensure they received the best service possible and the best-fitting option for repayment

Goals Met

• Limited outbound attempts to increase compliance
• Targeted use of high-performing agents for better customer experience
• Increased inbound contacts to recover more revenue

The Results

Our dialer optimization strategy saved the issuer thousands from wasted calls. By changing the number of dials per day and launching the voicemail scripting, the issuer’s inbound RPCs increased by 180%, all while remaining within regulatory compliance. And when we began routing inbound calls to agents with a history of high performance and conversion rates, the issuer’s roll rate improved by 2%, meaning more revenue was collected monthly.

More About Our Amazing Data Analysts

Outbound calling without reaching RPCs comes at a high cost and produces a large amount of waste in resources, time, and energy. Our client needed a strategy that could target low-performing segments but didn’t know how to find the root cause.

Our data analysis discovered low-performance attributes by using machine learning to assign dialer groups into three different clusters. This showed how successful or not successful agents were at reaching their segments. We used common customer and account qualities across the program including, Risk Level, Credit Limit, Balance, Payment, Over Credit Limit Amount, Number of Cycles Delinquent, Last Amount Paid, and Collectable Balance. The cluster analysis exposed similar customer behaviors with 99.9% accuracy in which our data analysts studied and used to form the customized dialing solutions.

We applied our new strategy to the accounts that fell within the 60 Days Past Due and Multiple Account Holders segments, which had a 0.6% successful right party contact rate. The dialer treatment improved these low-performing accounts by limiting outbound attempts, driving inbound volume with personalized voicemail messages, and routing calls to high-performing agents.