Challenge
Collection agencies today are faced with a variety of challenges: shrinking margins, an industrywide ability to easily contact large account volumes, and significant competitive pressure.
In this trying environment, an agency contacted Exela to gain a competitive advantage through prescriptive insights. The company’s existing operations strategy relied upon credit score and managerial experience to direct the account treatments. While the expertise model kept them in business, significant efforts were still being spent on low-value accounts.
Solution
- High resolution account profiling in near real-time using the Rule14 platform.
- Accurate recovery rate and payment forecasting, even for accounts without credit scores.
- Dynamic collection strategy recommendations (date/ time of contact, frequency of dialing, etc.).
Benefits
- Near real-time liquidation based clustering, including identifying high profit groups with 10X average recovery rate.
- Predicted 98.8% of zero payment accounts.
- User-friendly, secure, and fully integrated platform.
- Scalable platform can be implemented to expand up and down to fulfill demand.
- Shrink wrapped solutions that were implemented quickly.