How a major bank improved collections yield with Cresta

Challenges

One of the largest consumer banks in the America had built out processes to guide their collectors through the negotiation and collections process with customers, but found that often times, collectors were not adhering to the playbook when engaging clients. Compounding this issue was the fact that team managers had little visibility into how often their team was adhering to the playbook and only had bandwidth to listen to one call per collector per week to identify coaching opportunities.

“Before, we only knew if the collectors were hitting their targets…but did not understand why or why not. With only one call per collector per week, we had no way of knowing how we could coach the collectors to improve their outcomes,” shared the AVP of Collections.

The lack of visibility into calls also raised compliance concerns for the company.

Solutions

After choosing to move forward with Cresta for its real-time intelligence and actionable data, the bank worked with Cresta’s implementation team to deploy Cresta’s capabilities to a selection of both inbound and outbound reps.

Cresta’s Agent Assist guides collectors through the ideal negotiation flow and measures adherence to the playbook so that collector performance can be measured and improved in real-time. Features like Checklists and Hints provide collectors with the reminders and prompts they need to ensure compliance, to collect the full amount due, and to overcome client objections. Guided Workflows and a seamless integration with the company’s Knowledge Base ensures that collectors are supported through any unknowns that may arise.

With Cresta Director, supervisors are equipped with real-time insight into playbook and call flow adherence which allows them to coach collectors on the right behavior at the right time. “Most helpful is for leaders and understanding how effective we are at coaching our collectors,” shared the AVP of Collections. “Now with Cresta, we’re able to see if the collectors are executing the behaviors we know drive success, which is allowing us to coach more effectively and drive improved results. I find this to be extremely valuable to our business’ success.”

Results

Since deploying Cresta, the bank gained visibility into the lack of playbook adherence taking place across collections. They discovered that key components of negotiation were only taking place on 5% of calls. Cresta’s real-time guidance helped Team Leads and collectors 4x their playbook adherence in just three weeks, leading to larger and more timely payments. Collectors have felt motivated by the helpful and insightful visuals in Cresta that give them the tools they need to follow specific behaviors and deliver value on their calls. “It’s giving them the feedback they need to be successful in their role,” said the AVP of Collections.

Since team managers no longer have to pull collectors off of the phones to listen to calls together or provide feedback, they not only save time but also maximize higher-value activities for the business. “Our managers are ecstatic about the ‘game-changing’ level of detail they get from Cresta,” said the AVP of Collections.

See Cresta in action

aws Cresta’s real-time solutions are built and hosted on Amazon AWS services, which provide the flexibility, scalability, and security that our customers rely on.