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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Vice President, HR and IT

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Director of Training and Organizational Development

Gilead

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Talent Acquisition

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HR Manager, BU Radiology Informatics

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SVP Human Resources

Ellie Mae

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President & CEO

LSS

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VP Human Resources

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Leadership Development

Intuit

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Vice President of Operations

Proxicom

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Senior Director Talent Management

Gilead

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US Enterprise Services

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Senior Director, Training & Development

Service Source

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Human Resources Director

AKQA

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Director of Training and Organizational Development

Dimension Data

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Brenda Wagner
Founder and President

Proxicom

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