Customer case study:
Credit Resource Solutions
Credit Resource Solutions is a new breed of debt collection agency that looks strategically and creatively at recovering bad debt. We began working with them in 2005 when they were just starting out. The owner of CRS, Andrew Calvert, agreed with us that SMS messages presented a major opportunity for his business. It could be used to drive traffic to his collectors, rather than making endless outbound calls. But he needed a joined-up approach that would grow with his business.
We began by analysing CRS's existing customer portfolio and strategy. This meant we were able to create a completely bespoke solution. It involved introducing strategic SMS messaging to all of the relevant client workflows, so the right message could be sent to the right person at the right time. This was intended to increase the rates of conversion from call to payment, therefore maximising collections with minimum hassle.
The results were immediately apparent. Total collections revenue increased rapidly, and collectors were able to spend more time doing what they did best – speaking to people and collecting debts. Credit Resource Solutions has since grown into one of the foremost debt collection companies in the UK, winning debt collection agency of the year in 2008.
The next step
As CRS has grown, so has our relationship. We have added voice messaging into the strategic approach, sending out thousands of personalised messages for customers alongside the continuing SMS strategy. We have also added an Interactive Voice Response (IVR) system so payments can be taken automatically. The latest innovation is a ‘kill list’ module that means if a customer reponds to one of the services, no more scheduled outbound messages will be sent – therefore reducing complaints and improving the customer experience.
Collstream has been a valuable partner to our business right from the beginning. Their strategic approach has helped us become not just one of the leading debt collection agencies, but also one of the most innovative and creative. The solutions they provide improve efficiency, enhance customer service and allow our team to concentrate on what they do best.