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.

Learn more about the impressive results by downloading the full in-depth case study here»»

Schedule a consultation to find out how using Retain’s SaaS engagement tool can help your business spend less to recover more»»

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. 

An Omnichannel Approach to Debt Recovery Gets Results

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%

Download the full case study, Subprime Lender Recovers $870,000 Monthly Using Retain’s Digital-First Outreach to Delinquent Borrowers, for free here»»

Ready to start improving your engagement and repayment rates? Schedule a consultation now»»