Problem
The bank had quite a few problems to deal with:
- Higher bounce rates
- Lower coverage and contacts
- Reduced customer experience
- Higher cost of collections
Our Solution
Spocto ran its Machine Learning and AI led platform – SMARTCollect to influence the customer only through digital channels and managed to increase the self-pay exponentially higher in comparison to what the bank had experienced in the past month on month and at the same time have the bank experience a dip in bounce cases getting the overall number down drastically.
Result
SMARTCollect self-pay solution resulted in
- Reduction of headcount by ~80% owing to digital collections
- 47% reduction in cost of collections
- 22% reduction in Bounce rate
- Field/referral stamping on day ZERO
- 80% increase in self-paid rate
