Banking & Financial Services

Banking & Financial Services

A large private sector bank improved its debt recovering efficiency by more than 25% using VerifyEase

Background:

Debt recovery, especially the recovery of credit card payments, is a time consuming and costly affair for banks and financial institutions. It involves hiring third party agencies and doing field trips to defaulted customers to collect payments and closely monitoring field level activities. Lack of transparency into field activities reduces the bank’s control over the vendors’ progress of work.

Challenge:

To bring in transparency in to the field agents’ movements and reduce the time taken for overall debt collection

Solution:

Shifting to VerifyEase, our client began to see the change in the progress right from the first day of implementation. Now everything is visible on the dashboards. Movement of every field agent is now tracked and their work progress recorded. The time wasted earlier is now reduced to a large extent and the client enjoys significant jump in the efficiency.

Benefits:

• Time consumed has reduced by 17%
• Efficiency has increased by 26%
• Superior control over the vendor
• Increased transparency levels