optimal collections performance

Collections & Loss Mitigation

Gaining Your Competitive Edge with Predictive Data, Treatment Strategies and Digital Adoption

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vendor selections and implementations for both regional and top 10 banks with considerations for multiple call centers, outdated systems and millions of impacted customers.

Real Results.

In the past 5 years we have:
  • Successfully completed 17 projects to select a vendor solution that meets each client’s unique budgetary and operational needs, with an average client satisfaction rating of 9 out of 10.
  • Designed and developed end-to-end people management strategies (including hiring, agent and management training, incentives/compensation strategies, and performance management) for default management operations.
  • Built and implemented custom collections and recovery systems for two top 5 credit card issuers.
  • Selected and implemented vendor-based collections and recovery solutions for a top 5 UK lender and a top 5 captive auto lender.
  • Designed and implemented a custom workflow-based collections system for a top 10 credit card issuer.
  • Created requirements for a super-regional consumer lender to support the build of a system of record conversion for an enterprise transformation in servicing and collections and recovery.
  • Developed a QA/QC program and implemented change management initiatives to ensure sustainability for ongoing change to collections agent incentives.
Case Studies Manage Vendor Selection Process to Accelerate Digital Collections Implementation

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...

Accelerating digital solutions to ensure compliance and customer satisfaction

Digital Solutions and Automation

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.

Operations and IT/Vendor Management

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.

End-to-End Process Design

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.

Contact Strategy and Treatment Optimization.

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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INSIGHTS

4 Steps to Create a High-Performing Sustainable Program for Your Collections Call Center

As a leadership and development expert, I’ve been repeatedly asked how to prepare collections teams for calls once their customers are experiencing financial difficulties. My answer is to focus on...

Develop an Adaptive Call Model for High Performance Call Centers

Selecting an existing call framework or building one requires a detailed look at what you want accomplished on calls and identifying the skills your agents must have. I’ve provided an...

Spotlight: Techniques to Prepare Collections Operations

The cost of everything is increasing and when costs go up, consumers get stressed and become delinquent. As problem solvers for the financial services industry, we are focused on all...

“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