Customer

Large Financial Institution and Auto
Finance Lender

Industry

Financial Services

Services Provided
  • Welcome Calls
  • Customer Care
  • Collections (all stages)
  • Back Office
  • Support Credit Report Disputes

The Challenge

The auto finance division of one of the largest financial institutions in the United States discovered that a segment of its customers were consistently delinquent on payments, despite a clear ability to pay. The lender realized that it faced potential fraud issues caused by straw deals, or loans taken out by customers on behalf of someone else.

The Solution

To help address at-risk customers and mitigate the potential of fraud, the lender put a welcome call program in place as a part of their overall customer treatment strategy. We know that successful welcome calls targeted to the right customers serve as a powerful risk indicator that reduces the future likelihood of accounts going to a loss. In addition, welcome calls allow the lender to collect valuable contact information while delivering a positive customer experience that supports their brand image.

iQor’s data analytics team helped the lender develop targeted programs for key customer segments. This included identifying at-risk segments of portfolios based on credit score and other key factors. We then helped design intelligent, on-brand scripting to welcome the new customer into the company. These calls had the following objectives:

  1. Welcome the customer to the company, providing a positive first impression in the client’s brand voice
  2. Reinforce the first payment date and amount
  3. Observe early warning signals of potential fraud situations
  4. Calibrate monthly payment of auto loans to sync with pay date and capture wallet share
  5. Obtain and verify additional contact information to enhance future contactability
  6. Provide reporting and analytics to help better understand risk indicators and deploy targeted mitigation strategies
  7. Support the business with comprehensive reporting to monitor the health of the welcome call program

The Results

Over four months, the lender saw dramatic key metric improvements due to the welcome program. Key successes included:

  • Early detection of fraud by capturing critical contact information,
  • Reduction in casual delinquencies and associated costs by enrolling customers in automatic payment plans,
  • Improved customer satisfaction

473% increase in capturing critical contact information

32% increase in autopay enrollment

27% increase in CSAT

Capturing Customer Contact Information to Prevent Fraud

iQor’s custom-designed welcome call programs help lenders acquire critical contact information from new customers. In doing so, we not only help expand the ways our clients reach their customers, but also help verify the loan and
identify fraud indicators early on.

Calibrating Automated Payment Plans Reduces Casual Delinquencies

The use of welcome call programs can dramatically reduce the occurrence and associated costs of casual delinquencies. During a welcome call, agents can carefully calibrate monthly loan payments to coordinate with the
customer’s pay date, thus ensuring wallet share when funds are available.

Welcome Calls Improve Customer Satisfaction While Reinforcing Brand Values

Early, proactive welcome calls can build customer loyalty, help clear up billing questions, clarify service offerings, and reinforce your company’s brand values.