VoiceSage offers technology solutions to companies from every field and sector. This recent case study deals with Vanquis Bank, and explains how automated voice and text conversations provided by VoiceSage have helped them to keep their business growing.

Vanquis Bank is a leading UK credit card company, which specialises in providing loans to customers with an uneven credit history, who struggle to find loans elsewhere. Effective proactive debt collections are at the heart of the bank’s strategy, and that calls for top-quality, low-cost customer communication. This was where Voice Sage stepped in. Here’s an overview of the situation at that point.

The Challenges

• The need to stay in regular contact with customers, which increases early payments and profitability, presents difficulties.
• The bank operated call centres, which employed dedicated operatives to contact and have live conversations with clients. This was labour-intensive and costly.
• They didn’t have an adequate analytics system, which could show what methods of communication would work most effectively (e.g. time of day, method of communication).
• They wanted to improve their digital applications system.

How did we address these challenges? With these two applications:

A.Interactive Voice Messaging
Allowing more efficient mobile conversations, with high success rates but low labour input.

B.SMS messaging and text conversations
Designed to provide regular prompts to late-paying customers and start a useful conversation, with which the client is comfortable.

The Results

• 200% increase in customer contact.
• Strengthened approach to same-day credit card applications.
• Agents had to devote less time to contacting late-repayments, and could be redeployed for earlier stage conversations.
• 2% increase in 90 day promises to pay, with a 65% reduction of agent’s involvement.
• 10% increase in new accounts booked by each operative each hour.
• Greater availability of contact metrics.

As these figures show, the introduction of VoiceSage-enabled automation technology dramatically increased the company’s contact rates and simultaneously cut down the amount of time (and money) that had to be devoted to chasing up late payments. Customers also receive quicker responses, which increases their satisfaction with the service being provided. The CEO of Vanquis Bank described the increase in client interaction as “jaw-dropping”.

The key message is that experimenting with new technology is worth it, and can dramatically boost profitability.

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