A reputed financial company was struggling with debt collection during the moratorium due to RBI regulation in the wake of the Covid-19 pandemic. Unnecessary calls were going from different call centres, creating bad customer experiences leading to high attrition rates. Identifying customers willing to opt-out from the moratorium and proceed with their regular EMI payments was a massive challenge.
Stefto proposed a solution to send SMS to all customers by default for payment with an exclusive offer for customers who are willing to opt-out of the moratorium. The SMS would also contain a missed call alert number, which customers could use to opt-out from the moratorium. This was designed with a proprietary IVR system developed by our technical team at Stefto.
We had received a good response from customers and called them to get the payment & provided the offers as per the eligibility. This has increased the payment of bucket X collection from 67% to 75 % during Covid-19 period. This also resulted in minimizing the customer escalation who were earlier complaining about collection calls.
The client was impressed with our solution and satisfied with the outcome.
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