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

A key to performance improvement is strongly linked to cultivating the proper type of motivation. Since the performance management training, I have been much more focused on identifying and discussing how our actions in Engineering create value to IGT’s success. So far, the feedback has been positive. The group appears to be more accountable for their actions, and victim loop reactions are less frequent. The value proposition for me and those groups we work with is better teamwork, higher spirits, and a better outlook for things to come in the future (renewed enthusiasm).

Stewart Thoeni
Mechanical, HW Engineering Director

“We turned to LSA to help us custom design and deliver a leadership and management development curriculum to help drive performance. They have done an excellent job diagnosing the business situation, designing an approach that fits our culture, and delivering a first class solution.”

Sally Buchannan
VP Human Resources

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

LSA demonstrated the criticality for executives to look beyond current ethics topics and focus on applying fundamental values in everything they do to demonstrate true leadership. They successfully delivered in two hours what most leadership development presenters would spend an entire day trying to communicate.

Nick Voyvodich, SPHR
HR Manager

Fujitsu

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 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

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

The experiential New Employee Orientation was an incredible success for over 2500 new hires in four years across the globe. They partnered with us to create an innovative solution on very short notice, and added a huge amount of value that isn’t reflected in their cost. We could never have done it without their unmatched combination of expertise, professionalism, and creativity that aligned everything with our unique culture. Even our experienced hires were blown away!

Brenda Wagner
Founder and President

Proxicom

The customized new hire on-boarding process, coaching, tools, and measurement have provided a very useful structure and frame for the first 90-days for both me and our new hires. It has been a very positive experience from my perspective and will make it much easier to on-board my new hires.

Martyn Storey
Systems Engineer Manager

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 consistently receive positive feedback about the quality of the LSA Leadership Training Programs and LSA facilitators. We recognize and appreciate the hard work LSA always goes through to align to our unique culture and meet our specific requirements. Thank you for regularly going above and beyond to design solutions to meet our needs. Your support and dedication, both on the strategic and tactical side, have been outstanding!

Anna Meyer
Leadership Development

Intuit

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

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

The refreshing thing about LSA is that they focus on understanding our business situation and helping me succeed instead of selling a product. With over 150 experts, they are an invaluable resource that helps me deliver higher quality results faster. I recommend them to anyone looking to improve the performance of their workforce.

Stacie Rodgers
VP of Human Resources

Cutera

We partnered with LSA Global to help us invest in our people. LSA designed a modular and customized management curriculum that allows us to deliver top quality solutions to our managers and leaders. We consider LSA to be our learning and development partner and our LSA consultants to be an extension of our team.

Lisa Bruun
SVP Human Resources

Ellie Mae

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