TrueAccord’s Digital-First Engagement Out-Performs Call-and-Collect for National Bank’s Late-Stage Debt Recovery

By on February 7th, 2024 in Industry Insights, Product and Technology, User Experience

After three decades of providing exceptional customer experience, a leading national bank recognized a lot has changed in the world of personal banking, technology, compliance, and, in turn, debt collection. To continue delivering the level of service their customers expect meant it was time for the bank to update their recovery methods for the new digital age.

Although the bank had seen moderate success in late-stage collections with their call-and-collect vendor, they had a list of goals that they were unsure their existing collection provider could achieve:

  • Improve and increase liquidation performance
  • Keep up with new regulations and ensure compliance
  • Leverage new, more cost-effective solution

But what was the best way to evaluate the effectiveness of new digital-first engagement versus their existing outbound calling approach?

To test and measure the success of each distinct debt recovery method, the bank decided to use the Champion-Challenger model with TrueAccord joining their existing collections partner.

For their Champion-Challenger test, the bank assigned TrueAccord 50% of primary placements and tertiary placements against their traditional collection provider. By using scorecards, the bank was able to compare the two using set collection goals (varying by month and season) and several key performance indicators (KPIs), including:

  • Overall liquidation rates
  • Percentage of settlements in full
  • Percentage over/under set collection goals

With the Champion-Challenger model in place, collection goals and KPIs designated, and scorecards set, it was time to see how TrueAccord’s digital engagement methods would measure up compared to the old school call-and-collect method…and the numbers would speak for themselves.

Download the full case study to get an in-depth look at:

  • How TrueAccord won 100% of the bank’s primary placements
  • Why the Champion-Challenger model works so effectively for optimal debt recovery
  • What KPIs were used to compare call-and-collect vs TrueAccord’s digital engagement

Download the case study here»»

Ready to improve your collections communications using TrueAccord’s proven digital-first engagement approach? Schedule a consultation today!