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:
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:
Results
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