The growing trend of digital adoption requires structural changes in how organizations manage and use these customer interactions to collect payments.
We’ve seen that customer digital communication preferences (email, SMS, online) continue to yield high engagement and payment rates. In fact, recent data from BAI confirms this growing desire for digital solutions, with 84% of customers saying they would maintain digital usage after in-person banking resumed. That means collections operations teams need to account for more digitally self-serving customers, while preparing for increasingly complex scenarios to be handled by call center agents. Firms will also have to predict financial hardships in the absence of direct conversations with customers.
To be competitive, organizations will need full digital functionality and predictive data analysis, as well as appropriate treatments for call center agents when handling complex customer scenarios.
Bridgeforce experts come directly from the collections industry as former VPs in charge of call centers, back- and front-office operations, and large-scale digital collections solutions. We also incubated one of the first full service, omni-channel, virtual agent platforms in the industry. Within the past five years alone, our experts have completed more than 75 successful collections projects — leading all aspects of digital vendor selections and implementations for both regional and top 10 banks with considerations for multiple call centers, outdated systems and millions of impacted customers.
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...
We know how to build a business case that quantifies the value of your digital collections strategy and your investment. Our Digital Preparedness Calculator creates an assessment that supports your required spend in technology by creating various scenarios that are based on both your data and industry benchmarked information. Clients quickly gain clarity of possible cost-cutting and operational changes that can result from a digital adoption.
We walk clients through our proprietary 9-step Vendor Selection Program and subsequent Implementation Plan to define the future state, develop requirements, choose the most appropriate vendor product and accelerate implementations. In the last few years, we’ve managed nearly 20 full end-to-end vendor selections and implementations, from selecting the right vendor for a digital vision to leading the implementation of a technical solution for on-time and on-budget delivery.
We redesign operating models and develop future-state roadmaps to support your company’s rapid execution goals. Our clients repeatedly recognize our ability to get people to embrace change by developing a solid understanding of each client’s culture. Then we can build solutions that resonate and are sustainable.
Over 85% of our team has worked on the client-side of financial services. Using our past experiences and knowledge gained from multiple collections and recovery engagements, we provide channel strategies for use on Day One of implementation. Our efforts result in immediate capability to launch improved email and text messaging outreach without breaching customer contact limits.
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“While we have worked with many consultants, Bridgeforce actually does the work. They won’t paint a picture; they will actually do detailed procedure write ups and reviews and work with your staff to deliver an optimal product. We have been very satisfied with their efforts on these initiatives, and they have subsequently been used in other business areas.”
-Top 5 Bank