Our client wanted to improve its collections effectiveness, minimize risk, enhance customer experience, and reduce expenses. To do this, the company realized it needed to get an outside-in view of its collections operations.
After conducting a four-week, end-to-end assessment of the collections process, Genpact identified a number of challenges. Foremost was a fragmented operating model, with seven sites handling collections activities and agent responsibilities divided by collections process.
Processes themselves were manually intensive, leading to lengthy turnaround times. And there was a high level of dependency on costly channels, such as phone calls and letters, to communicate with customers, with no feedback to improve the customer contact strategy.
Risk exposure was also a problem due to manual, sample-based call monitoring. And disparate, aging systems continued to impact productivity