Customer Engagement Program for Personal Loans

Key Results

The Problem

Need for a Nearshore Customer Engagement Provider

Radius provides omnichannel customer engagement services to a leading online financial services company that provides unsecured personal loans. Their focus is on treating the customer as a person rather than a number.

The company did not have an internal system to manage strategies or report trends. They were also looking for a nearshore solution to lower their costs.

Radius was brought on to interact with applicants, borrowers, and past-due customers in a variety of capacities.

Our Solution

Dedicated Agents for Personalized Interactions

We set up an initial team of 30 agents, two supervisors, and two quality observers. Dedicated agents were assigned to each type of interaction:

Applicants: Customer inquiries related to the required documentation, pending approvals, and technical issues with our client’s website.
Borrowers: Demographic changes, balance or due date questions, payoff data
Past-Due Customers: Payments, explanation of fees and interest, hardship determination, extensions
Disputes: Research and resolve issues for consumers disputing credit bureau reports

Radius handles several processes for the client, including:

100% of customer interactions via voice, chat, and email
Updating interactions directly on the client’s Salesforce & Cloud Lending systems
Loading accounts into Radius’ system for contact strategy management
Providing robust reporting and analytics to identify opportunities to improve the customer experience
Customizing strategies focused on particular areas of need

The Results

A Seamless Customer Experience Program

As a result of our efforts, the Radius team has:

Consistently met monthly abandon rates and service level goals
Exceeded quality goals
Increased loan approvals
Showed a 25% increase in payment performance

We also provided a mechanism to measure and report First Contact Resolution to identify drivers and create self-service options. Using this data, the client has been able to evaluate self-service processes to make modifications to enable a more seamless customer experience.

Due to our success with this program, our staff has grown from thirty agents in one contact center, to more than 120 agents across three sites.

Project Timeline