$1.1M Collected for Unsecured Personal Installment Loans in one year for a Top Banking Client
Overview.
This case study highlights how Coforge helped a top 20 U.S. commercial bank efficiently collect early and mid-stage payments for unsecured personal installment loans. The challenge was to optimize the collections process while ensuring a constant upward trend in dollars collected.
The key business challenges encountered by the client included:
Efficient collection of early and mid-stage payments for unsecured personal installment loans
Solution.
Coforge implemented a comprehensive solution to address the client's collections challenge, including the following key strategies:
All collections lead for unsecured personal installment loans
Collation and loading of leads onto a dialer for proper and daily tracking of actions on each lead.
Progressive collections targets to drive a constant upward trend in dollars collected.
Implementation of quality control measures such as QA assessments, satisfaction surveys, speech analytics, and analysis to ensure the quality of calls.
The Impact.
The implemented solution delivered substantial value to the client, including:
Consistent annual collections of more than $1M for unsecured personal installment loans since 2016
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