Managing Vendor Selection Process to Accelerate Digital Collections Implementation
Bridgeforce helps a large regional bank quickly find a new third-party collections vendor that enhanced their digital capabilities and led the way to improved repayment rates.
Large Regional Bank Moves Swiftly to Remedy Borrowers Struggling to Repay Debt
A large regional lender needed to rapidly improve their digital collections capabilities due to an increase in borrowers falling behind on payments. To accelerate changes, our team, consisting of two former digital engagement and collections executives and two collections and analytics experts, took over the end-to-end vendor selection process for the client.
In the end, the client successfully identified a best-fit vendor, which opened new digital payment and treatment options, along with a more sophisticated segmentation strategy.
Bridgeforce Leads Vendor Selection Process to Find a Best-Fit Collections Solution that Enhanced Digital Capabilities
In just eight weeks, Bridgeforce strategically guided the client in developing an optimal future state for digital collections, including the selection of a new third-party vendor. Through this process, we navigated a complex array of processes and procedures to find the best fit solution for our client.
Gathering Requirements
To meet the ambitious timeframe, Bridgeforce took over the end-to end vendor selection process. We coordinated with the client to understand the exact requirements for the new digital collections strategy. We prioritized nearly 400 requirements to define a minimum viable product (MVP).
Coordinating Vendors and Sending RFPs
Once we understood the client’s requirements and goals for supporting their struggling customer base, we began evaluating third-party vendors.
Our team developed and managed the RFP process. We answered vendor queries and crafted agendas for product demos that described exactly what vendors needed to showcase, ensuring a smooth and efficient process.
Comparing Vendors and Collecting Client Feedback
After shortlisting the vendors that met our requirements, we facilitated comprehensive demos with each vendor. Client participants received an anonymized scoring sheet that made assessment and feedback consistent across all demos. Consistency ensured that we clearly understood how each vendor’s capabilities compared and that nothing was overlooked.
With all feedback in-hand, we moved to compare the vendor costs. Our proprietary vendor selection process provides pricing agendas and guidance, helping the client confidently stay within their budget. The agenda includes standardized pricing summaries for easy comparison of each vendor’s pricing model, implementation plan, and five-year cost estimates.
Picking the Optimum Digital Collections Vendor Solution
Finally, it was time to select the right vendor for the job. For the final recommendation, Bridgeforce advisors and client stakeholders conducted a thorough walkthrough of each vendor’s pros and cons. We reached a consensus and selected the vendor.
Full Digital Solution with Payment and Treatment Options Achieved Ahead of Schedule
By exceeding timeline expectations, the client confidently selected the best-fit vendor ahead of schedule. Thanks to our proprietary vendor selection process, the client successfully implemented a comprehensive digital solution to enable digital payments, treatment options and a more sophisticated segmentation strategy. They had full confidence in the selected vendor and peace of mind that no requirements were overlooked.
Because Bridgeforce managed the entire process, the client team was able to focus on day-to-day activities and maintain service levels. Due to our demonstrated leadership, the Bridgeforce advisors were further engaged to manage implementation of the digital solution.
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