Case Study: The recoveries and customer support group at a Top 25 bank found itself facing a turbulent economic landscape in 2020 when the COVID-19 pandemic slowed the entire world’s economy to a crawl.
When the COVID-19 pandemic slowed the world’s economy to a crawl, many banks relied on models and forecasting to anticipate customer hardship and efficiently staff its call centers. Appropriate staffing is critical for banks to effectively assist customers who have fallen behind in payments or who needed assistance with forbearance or deferral programs. This assistance helps customers get out of delinquency and avoid defaults, and helps the banks limit substantial credit losses.
Working with a Top 25 bank, Flying Phase created and then rapidly deployed a pandemic-sensitive call center capacity planning process that effectively forecasted delinquencies, supported staff increases of seventy-five percent and cleared governance and compliance approvals with zero findings or remediations. Click to read how those efforts enabled the bank to recover more than $45 million in payments during the worst of the pandemic.
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