Aug 10 2009
Target Loan Servicing has increased collections rates as a result of a combination of intelligent arrears management strategies and its use of Interactive Voice Messaging (IVM) technology from specialist Qire.

Target Loan Servicing, the loan and mortgage outsourcing specialist has implemented proactive and innovative collections strategies, supported by the use of Qires IVM technology. The company claims that this has resulted in the unprecedented increase in collection productivity and agent performance.

A key factor behind the success of Target Loan Servicings collections campaigns has been the intelligence provided by the Qire solution which allows Target to analyse when customers are at home and typically answer the phone, and also monitor messages from customers on when they would prefer to be contacted.

Tegwen Matthews, Head of Arrears Management at Target Loan Servicing commented: Qire has effectively changed our telephony dynamics the previous high volume of manual dial outbound activity has been replaced by Qire inbound calls directly to an agent. As a result, agents are talking to the right customer and achieving a more efficient outcome. This has boosted productivity and collection rates massively, especially at volume peaks during the month.

The Qire solution helps streamline arrears management and reduce debtor days, for a faster resolution. Customers appreciate being contacted at an earlier stage, as well as the clear information and choices presented to them, and the flexibility to choose when they want to discuss payment plans, all of which has helped to successfully boost payment rates.

The Qire solution automatically calls customers in arrears, verifying the identity of the account holder and then connects them to a live agent to discuss their account and payment options. Filtering out wrong parties before connecting them to an agent effectively turns an outbound call into an inbound call, for optimum call centre productivity.

Target Loan Servicing is saving an estimated 230 agent days a year on one of their client portfolios through using the Qire solution, by eliminating wasted calls and time spent connecting incorrect numbers or reaching answering machines.