In the competitive landscape of consumer finance, one personal loan lender found itself facing significant challenges in effectively managing its customer communications and maximizing loan repayments. Primarily serving subprime consumers who often struggle with financial management, the lender’s customer base posed several collection challenges, including lower repayment rates and high rates of customer disengagement.
The company wanted to augment their outbound calling with digital options to reach or engage with a broader set of its customers, avoiding late-payers from rolling into further stages of debt. Although the lender was using some more modern communication channels—limited and very targeted email messages sent in the later stages of delinquency—they hoped using intelligent digital outreach earlier on would deliver better results earlier in the recovery process.
Retain offered the lender a SaaS solution that integrated omnichannel engagement strategies to effectively reach its customers with timely messages tailored to their needs. By utilizing both email and SMS channels, supplemented with their traditional outbound phone calls, the lender was able to connect with its customers where and when they were most responsive. And going beyond propensity-to-pay models and basic heuristic algorithms, Retain’s machine learning engine automated outreach to deliver the lender’s messages through the right channel at the right time for optimal results.
As a result of implementing these solutions, the lender began to see significant improvements in customer engagement and payment rates.
In our in-depth case study, discover how better consumer engagement rates help repayment rates for the subprime lender—available for download now—with impressive results, such as:
- 39.1% of customers engaged using Retain made a payment each month
- 92% of the lender’s customers viewed a Retain message each month
- Over 24% clicking through to the payment portal, significantly outperforming other clients who typically saw a click-through rate of around 12%