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

LSA asks the hard questions, listens, and understands both our business and talent needs.

We greatly benefit from their expertise ranging from assistance with personal development plans, to enhancing team performance, to enterprise-wide talent management challenges.

LSA provides great ideas, a fresh and practical approach, and valuable guidance on how to get the most from your talent.

Kristin Westland-Kaune
Director, Team Development

LSA’s ability to assess needs and develop targeted  leadership training has been a critical resource for me to help our teams to perform at their peak. 

I love that LSA focuses on training that truly makes a meaningful impact on the people and the business.

Noelle VanVlierbergen
Sr. HR Business Partner

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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.  They 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 2,500+ new hires over 4 years spread across the globe.

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We could never have done it without their unmatched combination of expertise, professionalism, and creativity that aligned everything with our unique culture and growth strategy.

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Founder and President

Proxicom

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They deeply understand our business and our culture.   They do a great job on a wide range of customized training, consulting, and coaching solutions for us.

For us, they are definitely better than having our own internal Training and Organizational Development function.  They always do what it takes to hit the mark.

Chris Wells
Vice President, HR and IT

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

LSA helped us to create the strategic clarity and alignment we needed for our team to thrive.

The practical, no-nonsense, and outcome-oriented approach really helped us all get on the same page and set us up to be a high performing leadership team to focus on what matters most.

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VP Human Resources

Samsung

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.

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HR Manager

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

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 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

What a personal and professional pleasure it has been to partner with LSA. They are truly a strategic partner.

LSA has delivered top notch management development programs and worked with key teams to build the targeted skills they need.

LSA understands our business, our strategic initiatives, and the needs of our customers.  They have been a real blessing for our L&D team.

Jeff Rangel
Director of HR

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 worked with LSA Global for our learning and development needs and have always had great success.

They helped us recently with targeted and customized Management Training Workshops to fit our unique situation, and they were fantastic.

I highly recommend LSA to anyone that is attempting to help take their leadership and management talent to the next level.

Mary Johnston
HR Manager, BU Radiology Informatics

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

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