Tag: Financial Services

The Challenge

In 2015, one of the fastest-growing credit card issuers in the U.S. had over five million active accounts. With the launch of a new product in the works, these numbers were set to spike by an additional two million accounts nationwide by the end of 2016. iQor was asked to step in and serve these customers while helping the brand decrease agent attrition, increase First Call Resolution (FCR) scores, and elevate the customer service experience.

The Solution

iQor had been providing first-party retention and recovery services to the brand since 2011. But the company had yet to leverage iQor’s growing base of customer care-focused contact centers. After in-depth planning sessions to understand the brand’s goal and objectives, we found the solution. iQor would leverage its strong customer care talent pipeline, advanced agent support tools, and sophisticated speech analytics software to quickly ramp and provide the brand with a robust customer care program.

The Full Scope

We launched our customer care partnership in 2015 with 14 agents in Clark, Philippines to provide general billing and inquiry (BGI) support. After the Issuer opened their credit lines to consumers looking to rebuild credit and receive cash-back rewards, they grew quickly. So we did too. Within seven months, we expanded our services into activation and application inquiries, escalations, retention, express pay, payments, amortization, web troubleshooting, and tech support. We quickly hired and trained an additional 475 agents divided between our Clark and Dasmariñas centers–all with a 94-96% retention rate.

By the start of 2018, we grew once more, ramping hundreds of new full-time agents while maintaining low attrition rates. We also expanded our tech support services to include screen sharing to increase the rate of first-call resolutions.

The Challenge

The auto finance division of one of the largest financial institutions in the United States discovered that a segment of its customers were consistently delinquent on payments, despite a clear ability to pay. The lender realized that it faced potential fraud issues caused by straw deals, or loans taken out by customers on behalf of someone else.

The Solution

To help address at-risk customers and mitigate the potential of fraud, the lender put a welcome call program in place as a part of their overall customer treatment strategy. We know that successful welcome calls targeted to the right customers serve as a powerful risk indicator that reduces the future likelihood of accounts going to a loss. In addition, welcome calls allow the lender to collect valuable contact information while delivering a positive customer experience that supports their brand image.

iQor’s data analytics team helped the lender develop targeted programs for key customer segments. This included identifying at-risk segments of portfolios based on credit score and other key factors. We then helped design intelligent, on-brand scripting to welcome the new customer into the company. These calls had the following objectives:

1. Welcome the customer to the company, providing a positive first impression in the client’s brand voice.
2. Reinforce the first payment date and amount.
3. Observe early warning signals of potential fraud situations.
4. Calibrate monthly payment of auto loans to sync with pay date and capture wallet share.
5. Obtain and verify additional contact information to enhance future contactability.
6. Provide reporting and analytics to help better understand risk indicators and deploy targeted mitigation strategies.
7. Support the business with comprehensive reporting to monitor the health of the welcome call program.

The Results

Over four months, the lender saw dramatic key metric improvements due to the welcome program. Key successes included:

• Early detection of fraud by capturing critical contact information,
• Reduction in casual delinquencies and associated costs by enrolling customers in automatic payment plans,
• Improved customer satisfaction

Capturing Customer Contact Information to Prevent Fraud

iQor’s custom-designed welcome call programs help lenders acquire critical contact information from new customers. In doing so, we not only help expand the ways our clients reach their customers, but also help verify the loan and identify fraud indicators early on.

Calibrating Automated Payment Plans Reduces Casual Delinquencies

The use of welcome call programs can dramatically reduce the occurrence and associated costs of casual delinquencies. During a welcome call, agents can carefully calibrate monthly loan payments to coordinate with the customer’s pay date, thus ensuring wallet share when funds are available.

Welcome Calls Improve Customer Satisfaction While Reinforcing Brand Values

Early, proactive welcome calls can build customer loyalty, help clear up billing questions, clarify service offerings, and reinforce your company’s brand values.