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Situation

The client is a prominent debt recovery service provider that acts as an intermediary for a wide network of lenders, attorney firms, and collection agencies. With a strong market presence, they specialize in maximizing debt recovery rates and optimizing the efficiency of the debt collection process. They faced significant challenges that impacted their business profitability and market position. They encountered data-related issues stemming from the data received from lenders and attorney firms, leading to lower recovery rates, efficiency losses, and compliance concerns.

The client confronted several critical challenges, including:

  • Lower-than-expected recovery rates and efficiency losses, resulting in reduced revenue.
  • Negative financial impact on upstream and downstream stakeholders.
  • Loss of market share in an outcome-based contract world.

Solution

To address these challenges, our team implemented a comprehensive solution centered around our proprietary AI application. The key elements of the solution included:

  • Identification of non-recoverable records: Leveraging our AI application, we identified 215,000 records within the $4.8 billion portfolio that were deemed non-recoverable, totaling $873 million. This enabled the client to focus their efforts on viable accounts and optimize resource allocation.
  • Integrated model in portfolio evaluation: The AI model was seamlessly integrated into the portfolio evaluation process, enhancing decision-making capabilities and improving overall recovery rates.
  • Process flow and partner integration: We collaborated closely with the client to enhance process flows and integrate the AI solution with their partners, ensuring streamlined operations and efficient data sharing.

Results

The implementation of our AI-driven solution yielded significant results for the client:

  • Improved recovery rates and efficiency, leading to increased revenue generation.
  • Mitigation of financial impact on both upstream and downstream stakeholders.
  • Regained market share in the outcome-based contract landscape, strengthening the client’s competitive position.
  • Revenue enhancement: Improved contact rates, enhanced portfolio/list management, and better coordination with partners on upstream and downstream processes resulted in revenue growth.
  • Cost optimization: The identification and removal of non-actionable leads reduced costs, while improved contact rates, especially for accurate addresses, further optimized expenses.
  • Increased win rate: Routine’s partnership became a key differentiator in the Accounts Receivables Management space, empowering the client to secure new revenue channels and improve their win rate.

Through the transformative power of AI and streamlined processes, our client successfully revitalized their debt recovery operations. The integration of our proprietary AI application, coupled with improved process flows and partner integration enabled the client to enhance revenue, optimize costs, and gain a competitive advantage in the market.

Discover the difference Routine can make in your Accounts Receivables Management endeavors and unlock new levels of success in the industry.

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