U.S. third-party collections agency drives growth in collections revenue through optimized and cost-effective nearshore team
May 26, 2021
A U.S. 3rd-party collections agency struggled to keep pace with its workload and decided to enlist an outsourcing partner to drive growth in collections revenues. itel was selected as the vendor of choice and after proving itself with low-scoring, low-balance accounts, now handles collections for a mix of low to super high accounts across financial services, retail and telecommunications.
The Goals
- Establish a cost-effective outsourcing team to handle overflow of work
- Reach 50 FTEs within 90 days
- Initial target of $10,000 in revenues per month
The Approach
- Establish “right fit” candidate profile through client collaboration and using talent optimization platform. Continue to refine profile based on staffing results and recruit new hires according to optimal profile
- Live Ops intervention on agent calls for real time monitoring, training and coaching
- Implement tiered sales incentive scheme to challenge and reward collection agent performance
The Results
- Reached 64 FTE within first 90 days. Team grew from an initial count of 16 to 110 within 6 months
- Average monthly targets are now $325,000 with revenues reaching as high as $625,000 in a given month
- Monthly average of 25% of agents reach “Rockstar” status in their incentive structure with 10% reaching 150% of their commission targets
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