A CASE STUDY
Upwire Delivers 20x ROI and Transforms Collections for Australian Financial Services Leader
CLIENT CHALLENGES
Streamlining Operations and Delighting Customers
One of Australia's leading financial services providers engaged Upwire to enhance customer and employee outcomes in several key areas.
The objectives included automating customer payments currently running at 5% per month, improving employee productivity, simplifying processes, increasing incoming cash collections, and reducing bad debt exposures.
They chose Upwire to digitise and automate their collections process to reduce the cost of collections and at the same time increase their customers' experiences during the process.
Partnering for Success: Upwire Steps In
The company knew they needed a modern solution. That's where Upwire came in. Upwire, a frontrunner in automated customer communications, specializes in creating seamless and engaging customer interactions across multiple channels.
Upwire understood the challenges and partnered with the financial institution to develop a comprehensive strategy focused on:
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Boosting Automation Rates: Reducing reliance on manual collections and streamlining the process.
Improving Customer Experience: Making payments faster and easier for customers.
Enhancing Employee Productivity: Freeing employees from repetitive tasks to focus on higher-value activities.
Reducing Bad Debt: Minimizing losses and improving overall financial health.
Upwire's Automated Solution for Smarter Collections
Upwire's multi-pronged approach transformed the collections landscape for the financial institution. Here's how:
Agent Assist Technology
This innovative feature empowered customers to self-serve and make payments over the phone without needing an agent. This was particularly helpful for customers outside traditional business hours, leading to a significant increase in after-hours collections.
24/7 IVR System
This system empowered employees to accept payments 24/7 using various methods, ensuring secure and PCI-compliant transactions. Not only did this accelerate cash flow, but it also reduced the need for follow-up interactions, freeing up valuable employee time.
Omni-Channel 70-Day Collections Flow
Upwire deployed a fully automated 70-day collections flow spanning multiple channels (phone, email, SMS). This intelligent system required minimal staff intervention and ensured timely and efficient cash collections.
In-App Notifications
Upwire collaborated with the client's team to implement real-time, in-app notifications. Customers received friendly reminders about upcoming payments and could settle them with just a few clicks directly within the app, streamlining the process and boosting convenience.
A Measurable Impact,
A Winning Outcome
The impact of Upwire's solution was nothing short of remarkable. The financial institution achieved:
Tripled Automated Cash Collections
Monthly automated collections skyrocketed from $300,000 to over $1 million, a staggering 20x ROI in just 90 days!
Extended System Capability
Upwire seamlessly integrated with the existing lending system, maintaining it as the single source of truth. This provided stability and control during loan migrations to a new platform, ensuring data integrity and continued flexibility.
Reduced Bad Debt
Bad debt expenses were significantly reduced, aligning with the client's forecasts and improving overall financial health.
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Enhanced Customer Experience
Customers benefited from a faster, easier, and more convenient payment process, leading to higher satisfaction levels.
Customer Centric Partnering with Upwire for Success
This case study perfectly embodies Customer Centric's core mission. By partnering with Upwire, we helped a leading Australian financial institution transform its collections process.
The outdated, manual system created a frustrating experience for customers and employees. Through innovative automation solutions from Upwire, we streamlined the process, making payments faster, easier, and more convenient for customers. This improved customer satisfaction and boosted the financial institution's efficiency and bottom line.
This collaboration demonstrates the power of combining Customer Centric's dedication to exceptional customer experiences with Upwire's cutting-edge automation technology. Together, we empower businesses to streamline operations, improve financial health, and delight their customers.
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