A large regional consumer lender needed to rapidly improve their digital collections capabilities due to volumes of borrowers falling behind on payments. To complete the process within eight weeks, 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.
The Challenge
In a truncated time-frame, Bridgeforce had to guide the client strategically to develop a desired future state and navigate an existing quagmire of processes and procedures in order to determine the best fit vendor solution including:
- Identify and document 400 requirements
- Prioritize all needs for a minimum viable product (MVP)
- Develop and manage the full RFP process
- Facilitate comprehensive demos by shortlisted vendors
- Assess vendor proposals and demos to recommend the optimum solution
- Facilitate final vendor approval
The Process
To complete the process within eight weeks, we took over the end-to-end vendor selection process for the client. Our team consisted of two former digital engagement and collections executives and two collections and analytics experts. The team defined and documented specific requirements, answered all vendor queries and built an anonymized scoring methodology. Working with stakeholders from the company, we assessed and shortlisted the vendors and ensured clarity of each vendor’s full capabilities to quickly reach a consensus.
The detailed documentation we provided to help the client make a fact-based decision included:
- A Request for Information – with a series of nearly 400 requirements for vendor responses.
- Agendas for product demos that described exactly what vendors should show to ensure a smooth process.
- A review guide for client participants to assess and score vendors individually with consistent methodology.
- Pricing agendas, comparisons and guidance for analyzing vendor costs. Plus, standardized pricing summaries for easy comparisons of each vendor’s pricing model, implementation plan, and 5-year cost estimates.
- A final recommendation – thorough walk-through of each vendor’s pros and cons to facilitate consensus on the recommended vendor choice.
Results
By exceeding timeline expectations, the client was able to confidently select the best-fit vendor ahead of schedule. As a result of our proprietary vendor selection process, the client successfully implemented a full digital solution to enable digital payments and treatment options and put into place a more sophisticated segmentation strategy.
- The client team was able to focus on day-to-day activities and maintained service levels because Bridgeforce managed the full process.
- The client had full confidence in the selected vendor and peace of mind that no requirements were missing.
- Based on our demonstrated leadership, we were further engaged to manage implementation of the digital solution.
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