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! Your learning strategy insights flipped our approach from a content-driven design to one where business strategy and relevancy drives the leadership programs we aimed to redesign.

This investment more than proved its worth – not only did it improve our leadership development program redesign, but it also was like a mini executive seminar that stretched our experienced L&D team’s thinking.

Richard Morse
Senior Director Talent Management

Gilead

We looked to LSA Global as a consulting partner to help us explore innovative and scholarly approaches to promote employee engagement and sustain the unique culture we’ve built over the last decade.  LSA helped us perpetuate coaching as a discipline across the organization by integrating our core values, goal setting, and performance management.

We appreciate LSA’s commitment to cutting-edge practices to help keep us a step ahead during this time of rapid change.

Rosalyn Chan
Vice President, Human Resources

Redwood Trust

We have had a very beneficial partnership with LSA. Their recent Leadership Development Program helped us to identify, develop, and retain top leaders. It was instrumental in helping take our company and our key people to the next level. I would recommend them to anyone looking to truly develop and retain top talent.

Steve Janowsky
Vice President of Operations

Proxicom

We turned to LSA Global to help take our behavioral interviewing process to the next level in terms of both efficiency and effectiveness. LSA quickly understood our unique culture and challenging requirements.

They immediately helped us to improve our ability to continue to hire top talent that fits our culture and talent management strategy as we rapidly scale.  Thank you!

Julie Pearl
Technical Program Manager

Google

As a Training Outsourcing Partner, LSA consistently saves me time and money by understanding what matters to our strategy and what works in our unique culture.

Their practical and outcome-oriented methodology is fantastic and allows us to deploy better solutions faster.

I highly recommend them to anyone looking to raise the talent bar with a true strategic partner.

Tim Bonnet
Director of Training and Organizational Development

Dimension Data

LSA’s action-learning leadership approach has been very beneficial to me, our leadership team, and the entire organization.

The balance of development and results has been excellent.

We have made huge progress, and I was also able to identify 2-3 high potentials while having the extra benefit of people stepping up to carry key strategic projects forward.

The experience was better than anticipated.  I could not be more pleased.

Heather Feltman
President & CEO

LSS

The refreshing thing about LSA is that they focus on understanding our business situation and helping me succeed instead of selling stuff. Their experts are an invaluable resource that help 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 have found LSA to be highly responsive to meeting our unique needs in learning and development. Their passion for high levels of business relevancy, customer satisfaction, and quality align very closely with our core values and talent management strategy.

Kudos to LSA Global.  They delivered exactly what I wanted under ever-changing conditions.

Laura McHugh
Director of Training and Organizational Development

Gilead

We have partnered with LSA for years.  Our organization’s learning needs have increased, decreased, and increased again over time.

The beauty of LSA’s business model is its flexibility and depth of their expertise.

When we need strategic or tactical outside help that we can trust, we use LSA knowing that we can depend on outstanding quality advice and targeted solutions every time.  You cannot go wrong with LSA.

Margie Bunting
HR Manager

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 reinforced WIPRO core values, helped to build relationships with fellow associates, and enhanced the group’s ability to operate successfully in the global world.

I definitely recommend LSA for effective employee onboarding of top talent.

Vishu Venkat, PHR
Talent Acquisition

LSA has a very unique and powerful methodology regarding learning. Their ability to overcome skepticism, obtain executive support, and create an aligned learning strategy that provides measurable business impact is second to none.

They understand your goals, flex to your needs, and solve problems. 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

Congratulations on your pro-activity in establishing this program and developing such an effective New Employee Orientation course.

Farhat Ali
President and Chief Executive Office

Fujitsu

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

The quality of LSA’s Leadership Training Programs and facilitators is always top notch. 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. Your support and dedication, both on the strategic and tactical side, have been outstanding!

Anna Meyer
Leadership Development

Intuit

LSA Global has been a great partner in helping us move toward being “the leading developer of talent in the service performance management industry.”

I have engaged LSA to help develop best-in-class programs in the areas of: Executive On-boarding, Manager Training, Sales Training and Coaching, Employee Engagement, and Instructional Design.

They have consistently met or exceeded my (very) high expectations and are always responsive to my needs to increase performance, engagement, customer satisfaction, and sales growth.

Mike Normant
Senior Director, Training & Development

Service Source

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