Outsourcing Solutions for the Financial Industry Reduce Costs and Increase Operational Efficiency

As financial institutions grow in size, number and complexity, it is now more essential and more difficult for them to grow the long-term relationships needed to sustain profitability. Mergers and acquisitions, widespread globalization and ever-changing regulations are just some of the challenges financial companies face today that may hinder its ability to maintain these customer relationships.

Business process outsourcing provider Alorica has been financial services support for more than 20 years. Its customer lifecycle solutions enable companies to provide seamless support across merged or acquired divisions, move new products and services to market more quickly and maximize the acquisition of new customers — all while keeping costs at bay.

Serving the financial industry, Alorica offers inbound customer service to assist with contract questions, account servicing, payment inquiries, payment arranges, insurance questions and lease options. It also offers inbound collections support for customers who are delinquent and are past three days to less than 90 days. 

“Our goal is to get these accounts current or to obtain a promise to pay,” explained Beverley Bridges, director of client services, Alorica, in a TMCnet interview. “Our collectors are trained to bring the customer account current by negotiating payments for collections real-time or obtaining a promise to pay.  We also educate customers on the benefits of good payment history and scheduling automatic payments.”

Alorica provides this service in both English and Spanish.  It also provides outbound collections support for customers with bad contact phone numbers who are one to 90 days delinquent and skip tracing support using all available tools to locate the account owner or co-signer. Alorica’s collectors update all customer demographics to ensure collateral information for skip tracing and possible repossessions of collateral. 

There are many companies that offer outsourcing solutions to serve the financial industry. Alorica, however, set itself apart by providing a predictive dialer, which allows campaign set-up using a multitude of dialing variables. The company can run both predictive and manual campaigns, and offers expertise in working bad-number-only campaigns, resulted in highly developed skip tracing techniques and expertise using Accurint and Post Data programs.

According to Bridges, Alorica’s centrally located facilities allow for easy reach across all time zones, minimizing administrative costs. Alorica has an enhanced ability to hire to specific campaign profiles due to geographically dispersed facilities and offers management expertise coupled with in-depth industry knowledge supporting client programs.

Alorica’s clients include Fortune 500 companies such as consumer lending institutions, commercial banking institutions, retail banking, investment banking institutions, credit card processors and insurance agencies. Its financial programs contributed to one of its client’s J.D. Power award recognition for excellence in customer satisfaction for the fifth year in a row, and through its sales and retention solutions, Alorica retained more than 82 percent of customer product spend for a Fortune 50 financial services client.

Success with clients has also included its ability to consistently far exceed clients’ DMM/Roll Rate and quality targets, obtained collateral data and turned over to client secures their investments and locate rate results that exceed industry averages.

Alorica’s Contact Management Solutions allow companies to reduce capital expenditures and servicing costs by consolidating marketing and sales efforts in the contact center, increase operational efficiency through best-in-class processes and use of call-avoidance, self-service and offshore strategies, expand customer portfolios and enhance revenue by driving cross-sell/up-sell opportunities, opening new sales channels and leveraging targeting capabilities, increase loyalty, satisfaction and retention by providing a consistently outstanding level of service and support across multiple channels, and improve speed-to-market through top-tier technology, resources and expertise and the ability to pursue multiple projects concurrently.

According to Bridges, Alorica “provides scalability, reduces costs, offers industry expertise and tools that are current with financial practices and regulatory changes and offers dedicated support for maximum alignment with strategic goals.”

Alorica offers solutions for many other industries as well, including telecommunications, automotive, media and entertainment, healthcare, travel and tourism, consumer products and retail and energy and utilities.

At every touch point, Alorica is focused on enhancing satisfaction and building brand favorability, whether it’s enrolling customers in a credit card protection program, addressing their concerns following a credit terms adjustment or serving an insurance claim. By turning basic consumer interactions into valuable lifetime relationships, Alorica helps companies create customers for life.  

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