Develop a new automated model for collection
The bank’s management thought that the most logical and expeditious way to handle this sudden escalation in collections was to add more personnel. Doing so, however, revealed a few previously hidden issues. Adding headcount naturally added to the cost of collections. But soon other challenges were evident in a number of operational inefficiencies, including high customer query volume, dialer KPIs not tied to business outcomes, managers with little visibility into real-time data, and a response process that was primarily manual and extremely time-consuming.