Leading for Engagement to Improve Collections: Financial Services

Making Engagement Payoff for a Financial Services Firm

Client Case Study

Situation

A major financial services company sought to change the way it handled collection of late loan payments. The business had consistently written off over $100 million annually in noncollectable debt.  The executive in charge of this division had a vision for a new way of doing business which represented a radical departure from traditional collection strategies.

Complications

Success in implementing this plan hinged on fundamentally changing the nature of interactions between the company representatives and their customers. This would require:

  1. Company Reps to change existing behaviors
  2. Reversing a trend of poor customer satisfaction
  3. Increasing customer follow-through on commitments

Approach

The company provided managers with training, tools, and consulting support that helped them create and execute a plan for implementing the new service approach within their organizations. The approach focused on the following:

  1. Create a clear link between the new strategy, organizational purpose, and customer interactions
  2. Develop personal accountability and ownership for adopting new behaviors
  3. Increase people’s readiness for the change

Results

  • 60% increase in desired behaviors
  • 30% increase in “promises kept per hour” – customers following through on payment commitments
  • 29% increase in dollars collected per hour 
  • 39% reduction in charge-offs by  ($44 million in savings)
  • Measurable increases in customer satisfaction around how reps handle transactions

Related Information

Thank you to LSA Global for their partnership and support in helping us to design and roll-out our valuable management development training program. I personally have partnered with LSA Global at four of my previous companies. It continues to be a delight working with LSA. We look forward to partnering with them at Blackhawk Networks for future training and consulting needs.

Suzanne Kinner
VP Human Resources

Blackhawk Network

We recently hired LSA to help us take our client delivery methodology to the next level as we continue to grow and help our clients succeed. The custom strategy and design session exceeded my expectations. They really understood our business and turned around the project within a tight timeframe. LSA’s consultants were the best I have seen for this type of project. LSA’s ability to get a group of 20+ executives from around the globe on the same page, push their thinking to new heights, and ensure an executable plan was excellent. I would recommend LSA to anyone looking to take their plans and execution to the next level.

Rob Sturgeon
EVP Client Delivery

Service Source

We have had a very beneficial partnership with LSA for over 2 years. The recent Leadership Development Program that they designed and customized with us to help us identify, develop, and retain top leaders in the organization was a huge success. It was instrumental in helping take our company and our key people to the next level. I would recommend their training and consulting services to anyone looking to develop and retain top talent.

Steve Janowsky
Vice President of Operations

Proxicom

LSA’s Employee Engagement Consulting and Survey work has provided critical visibility into: how well our people are holding up under the general economic environment, as well as, the specific challenges that face biotechnology companies in their efforts to discover and develop new medicines; their level of alignment and commitment to XOMA’s Vision and mission critical strategies; how leadership practices and management systems support an environment that engender commitment, and the specific actions that our leaders can take to improve on areas that are important to our people. I highly recommend LSA’s employee engagement solutions.

Chris Wells
Vice President, HR and IT

LSA has a very unique and powerful methodology regarding learning and learning strategy. LSA’s ability to overcome skepticism, obtain executive support, and create an aligned learning strategy that provides measurable business impact is second to none. They partner with you to understand your goals, flex to your needs, and solve your problems – all within your budget. They certainly help make my job easier and are a pleasure to work with. I highly recommend LSA to anyone trying to connect the dots between strategy, skills, knowledge, and results.

Noelle Van Vlierbergen
Human Resources Director

AKQA

We partnered with LSA Global to help us invest in our people in the areas of performance coaching, diversity, and inclusion. They focused on helping us succeed and were very flexible in meeting our specific needs. LSA Global exceeded my expectations from a speed, quality, and value standpoint. I would recommend LSA Global to anyone looking for a true business partner.

Anita Luckinbill
Director, Human Resources

We hired LSA Global to design and deliver a customized outdoor experiential new employee orientation program for our recent group of MBA new hires. The program designed helped reinforce WIPRO core values. The program will help the new MBA hires to build relationships with fellow associates and enhance the group’s ability to operate successfully in the global world. I recommend LSA for effective on boarding/outward bound training of new MBA hires.

Vishu Venkat, PHR
Talent Acquisition

LSA is an instrumental training outsourcing partner in helping us to build management capacity and strategically invest in our people. Their flexibility, depth, and breadth of expertise allows us to deliver top quality solutions that are directly tied to key business plans. Their ability to custom design, deliver, and evaluate our Management Curriculum has been excellent. They are true business partners and a pleasure to work with.

Margaret M. Mader
Vice President, Human Resources

Hyperion

What a personal and professional pleasure it has been to Partner with LSA. They are truly a strategic partner with Wyse. For more than 5 years, LSA has been engaged in delivering various training and development solutions for Wyse, from custom on-site programs targeting specific core competencies, to working individually with clients to build job skills, and offering invaluable services to me and my team as we continue to build our learning programs. LSA’s representatives do more than sell a product, they offer a full service solution: they understand our business, our strategic initiatives, and the needs of our customers.

Jeff Rangel
Director of HR

Thank you for a great leadership development session today. The facilitator was brilliant, and we really enjoyed his style and personality. The sales team got a lot out of it (as did I). I believe it will help us create an even higher performance environment by ensuring we have a common understanding of our environmental structure and are all working towards the same goals.

Simon Jefferson
Managing Director

AKQA

We value our relationship with LSA Global. We came to LSA because we wanted to improve overall behavioral based interviewing capabilities of our managers to increase the probability of both hiring top talent and future leaders. LSA designed a highly customized solution for our business and culture. We are currently rolling out this solution to our leaders. I would highly recommend LSA Global as a top quality resource.

Rae Phillips
HR Project Manager - Training & Development, PHR

I wanted to let you know how much I enjoyed working with LSA on the design and delivery of the experiential new employee on-boarding training. I’ve been getting tons of positive unsolicited feedback. You truly exceeded everyone’s expectations.

Steven Gray
US Enterprise Services

LSA Global has provided our Employee Engagement Survey for the past 3 years. Their ability to administer the survey, help us sort through complex organizational changes that impact reporting, and provide flexible, customized report formats gives a high level of comfort and confidence in the work. The survey results have helped us identify and take actions to address the concerns of our Gen Y workforce. In all, LSA provides us with great value, and I would highly recommend them.

Mike Normant
Senior Director, Training & Development

Service Source

This was an extremely effective executive strategy session that helped our executive team efficiently navigate through our core objectives. It was exactly what we needed, and the approach was practical and valuable for our specific business and market. I would recommend LSA to anyone looking to push their strategic planning to the next level.

Blake Krikorian
CEO

It was a challenge to find a consultant with an approach to performance improvement that fit our unique culture and style. When we met with LSA we were surprised to discover their depth of expertise in the fields of motivation, developmental coaching and performance management and measurement.

Specifically, we were pleasantly surprised to find a company that could seamlessly integrate those three components without our folks feeling like the intervention was forced. They understood what we were trying to accomplish, helped us clarify our objectives, create a solid, refreshing approach that quickly got us moving and engaged people at all levels.

As they began to implement, I was thoroughly impressed with how they listened and made adaptations focused on our needs and business objectives. Overall, I couldn’t be happier that we found a partner in LSA.

Doug Hansen
President and Director

Redwood Trust

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