Early arrears collections
Improving a client’s collections conversion rates by almost 3 times, while also reducing re-opening rates
Overview
Sigma Connected has a collections conversion rate of over 60%. For this client, once again Sigma Connected demonstrated its ability to set up an early arrears collection service in a fast and efficient manner, surpassing the performance of the client’s internal team whilst improving the overall customer experience.
The challenge
Sigma Connected took on the challenge of improving a client’s collections conversion rates whilst improving the customer experience.
The solution
Sigma Connected set up a team of dedicated team to focus on collections for the client. All Sigma Connected employees were trained in the client’s brand values to ensure that the client’s reputation for a positive customer experience was maintained throughout the process. The allocation of dedicated FTE allowed for greater efficiency and expertise to be developed.
The result
Sigma Connected increased the client’s collections performance by almost 3 times while reducing its re-opening rates through ensuring complaints were successfully resolved in the first instance. Customer feedback has been extremely positive and complaint levels have fallen drastically. With Sigma Connected, the client managed to achieve collections liquidations of over 60% against an initial set target of 22%. Complaint volumes were well below the client KPIs and team attrition levels remained extremely low ensuring continuity of expertise.
