Read how the Collections Team at this Auto-Finance company used worxogo Nudge Coach to optimize their payment follow-up management. This led to a 31% improvement in Customer Connects while also improving maturity and resolution efficiency.
Client Overview
The automobile finance company is one of the oldest commercial and personal vehicle financer and a subsidiary of a $35 billion multinational conglomerate. With 260 plus branches across India, this Non-Banking Financial Co. reports operating revenues over $69 million.
Key Challenges
Enhance Maturity Efficiency
The team wanted to optimize the payment follow up management, which was a major cause for the outstanding payments.
Boost Resolution Efficiency
The collection agents were directly challenged by poor financial market health on overall and resolution efficiency.
Improve Customer Visits
Despite putting in the best efforts, there was a steady rise in delinquent debts. The agents at Auto Finance Company were seeking to maximize their customer visits.
In order to improve upon the delinquent accounts, the collection team wanted to
build a high performing collection force that was more Engaged,
Motivated and Productive.
Nudge Coach deployment
The collections team at the company deployed worxogo Nudge Coach. Based on the Nobel prize-winning concept of Nudges, the coach nudged each collection agent to prioritize urgent visits and eliminate payment delays.
worxogo nudge coach understands each agents’ motivations and nudges them daily on their KPIs. These small yet deeply impactful nudges helped the team to systematically address and improve the problems resulting in payment holds.
worxogo Nudge Coach was integrated with the company’s existing CMS. Daily personalized nudges helped the collection agents to accelerate cash flows and negotiate better with their customers. Instant recognition and rewards through badges and points, incentivized the agents to enhance their maturity and resolution efficiency.
Managers were able to track individual agents’ performance and identify agents not doing well and intervene at the right point. By helping the team focus on what’s really important for each collection agent, nudge coach acted like a productivity wingman helping them clear their delinquent accounts and increase payment collections.
The Outcome
31%
Increase in
Customer Visits
4%
Overall Increase
in Maturity
Efficiency
Overall Increase
in Resolution
Efficiency
4%
4%
The Behavioral intervention by worxogo Nudge Coach changed the game for the collections team at the auto finance company. There was a substantial increase in payment follows ups and debt collection efforts by the agents.
The increase in the efforts improved the overall maturity efficiency of the team. There was a 25% increase in number of agents with over 91% maturity efficiency and 16% increase in number of agents with over 91% resolution efficiency.
