Triage of Rapid Response Loss Mitigation During the 2008 Financial Crisis

The Benefit

Bridgeforce’s work shortened execution time and helped the client focus its resources on the highest-value processes, all within six weeks. The team helped the bank quickly analyze and treat 5,000 accounts in Phase 1 and 25,000 high risk accounts in Phase 2. The work completed by Bridgeforce resulted in conversion and treatment rates that exceeded the bank’s expectations.

• 20% of customer contacts resulted in financial assessment
• 74% of these contacts have resulted in some form of treatment
• 90% approval rate on customers that requested treatment
• 8% of treated customers used the website prior to speaking with a Loss Mitigator and completed the financial assessment
• Fewer accounts were becoming delinquent, reducing potential charge-offs and delinquent loss mitigation inventories

Why Bridgeforce

The bank was aware of Bridgeforce’s extensive client-side experience during the Great Recession and our ability to quickly understand the unique challenges, identify opportunities and find best-fit solutions to reduce the risk and improve treatment rates.

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