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

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Manager, Human Resources

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Senior Manager, Training & Professional Development

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 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

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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

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 exceeded my expectations from a speed, quality, and value standpoint. I would recommend LSA to anyone looking for a true business partner.

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Director, Human Resources

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.

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VP Human Resources

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I’m not sure if I’ve run across a company that can match the depth and quality of LSA’s consultants and facilitators. I highly recommend LSA to anyone seeking a strategic training outsourcing and consulting partner to improve performance.

Jeff Coon
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Anna Meyer
Leadership Development

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LSA brought a very effective training design, and implementation approach to help us create a common language around our corporate training. As a fast growing company with a geographically dispersed workforce, their expertise in this area was invaluable to us in driving consistency, creating a sense of belonging for our employees, and developing a common language for all of us to use.

Binod Taterway
CEO

Blue Canopy

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

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We partnered with LSA to pilot a customized behavioral interviewing program to help ensure that we continue to hire the best and brightest as we continue to rapidly scale. LSA’s ability to understand our business and our unique culture combined with their desire to ensure that the best practices framework truly fits our performance environment and is highly adopted by our people is a real blessing. Most other firms want to just ‘give you training.’ Not LSA, they are focused on helping me hit our hiring forecasts and attract A players.

Jennifer Remling
Director of Global Recruiting

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LSA Global brought a fresh perspective to our behavioral based interviewing strategy for key executive positions that we needed to fill.  Their consultant helped us to develop questions that produced a much deeper understanding of candidates’ capabilities. Throughout the process LSA was also very responsive in dealing with short lead time requests.  Thank you!

SPO Partners & Co
Kim Silva, CFO

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

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

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