Wipro helps a leading US bank deliver benefits worth USD 1.05 million by automatizing the chat debt collections process
The company is one of the leading banks in the US offering an array of financial services and products. It is a Fortune 500 company, catering to financial needs of consumers, small businesses and commercial clients. The company employees close to 40,000 employees with operations in multiple countries across the world.
Card industry is under pressure to increase revenues and margins. Banks spend a lot in fee to collection agencies to collect debt on their behalf. This fee impacts the banks bottom line. Further, the revenue per transaction is decreasing due to regulatory changes geared towards curbing debt collection activities. In such cases, non-intrusive channels like proactive chats are instrumental in collecting debts before they reach charge off stage. Hence making this channel efficient is the need of the hour to still keep it profitable to have a chat queue with great customer experience as the unique selling proposition.
The company’s customers were dissatisfied with the tedious and manual verification process on chat for revenue collection that took several minutes to complete. This was impacting their Customer Satisfaction (CSAT) score. The company was seeking a partner to completely manage their revenue collections via the chat channel. The objectives set for the engagement were to:
- Bring down the cost per chat for collections by a significant number
- Increase agent utilization enabling same set of people to handle more chats
- Improve chat handling time and hence chats per hour which will eventually increase the amount collected
- Reduce cases of customer dissatisfaction