Client Success Story: Top 10 Bank Sees 1000 BP Roll Rate Improvement Using Retain for Delinquency Communications
A growing wave of early-stage delinquencies was causing a leading bank to struggle with recovery, especially when considering the delinquencies spanned across various products within its portfolio.
Let’s take a look at this bank’s multiple collection challenges, how Retain by TrueML Products uniquely cleared these hurdles, and the impressive results that followed.
Challenge
Reaching this wide variety of customers meant expanding the bank’s outreach operations, but hiring additional call center agents was costly and logistically difficult to implement—and not a cost-effective long-term solution for further scalability.
Although it had basic email delivery capabilities, the bank had no digital strategy on when or what channel would deliver the optimal customer engagement. The bank knew it was time to step up their digital communications to reach more customers early, or risk having more customers roll into the next stage of delinquency.
Enter Retain, an intelligent SaaS platform that leverages a patented machine learning engine to determine the ideal time and channel to deliver a client’s customer communications—the much-needed solution to the bank’s challenge.
Solution
Retain offered a solution not only to alleviate those challenges but also help the bank reach its goal of reducing the number of accounts rolling further past due, a feat not possible with one-size-fits-all digital outreach strategies:
- A client-branded platform operated by the bank, rather than a third party
- Infinitely scalable to meet any level of delinquency volumes easily and cost-effectively
- “Plug and play” performance powered by Retain’s patented machine learning engine with no slow, manual performance tuning required
- A superior customer experience facilitated by relevant, digital communications to each customer
Ultimately, the bank saw a significant and sustainable benefit using Retain’s customer communication and engagement SaaS platform—up to a 1000 bp decrease in roll rate—when compared with their in-house strategy across product lines.