SunTrust Deflects Costly Inbound Calls, Reduces First Payment Defaults by 60%
Thanks to growing efficiency in the contact center, the company can now do much more while spending less
Client
Challenges
• Reduce the number of calls coming into the call center
• Eliminate hiring additional staff to handle a greater volume of calls
• Get customers to self-serve
• Provide superior customer service
Solution
Replace predictive dialer with interactive automated communications. Use Varolii Welcome and Collections applications to automatically contact customers with= current mortgage information, payment reminders and collections, and provide options to self-serve.
Results
• First Payment Defaults reduced by 60%
• Enables customers to self serve, saving $8 - $25 per inbound call
• Improves collection results
• Provides consistent, relevant information to customers
• Allows customers to receive contact around the clock
• Provides better customer service by allowing customers to self-serve
• Allows agents to focus on high priority tasks
Facing the Flood of Inbound Calls
SunTrust, one of the nation’s largest financial holding companies, needed to reduce the onslaught of calls flooding their call center, while keeping their costs down. In searching for a solution, they chose Varolii to intelligently automate their outbound contact. This allowed SunTrust to reach a much greater number of customers using fewer resources. And because their customers proactively received information they needed and could self-cure, there was a big deflection of inbound calls. The average cost of processing inbound calls ranges from between $8 to $25 per call. In reducing the number of calls coming into SunTrust’s call center, Varolii’s highly scalable solution has allowed the company to do a lot more for less.
Choosing the best solution
SunTrust had used automation in the past, in the form of a predictive dialer that blasts out the same virtual message. However, the dialer could not deliver a custom message and there was
no way of authenticating the customer, leading to the continued challenge of inbound calls. SunTrust ultimately chose Varolii because of the superior technology and personalization options, such as the ability to deliver specific information relevant to the consumer, and interaction options that allow the resolution of an issue and taking immediate action.
Welcoming new customers, Reducing Defaults in the Process
SunTrust started by implementing a Varolii Welcome Call application in their mortgage department. The bank not only services loans issued through their 1,700+ branches, but also loans acquired through a network of brokers as well as portfolio acquisitions. Many of these indirect customers come up to their first due date without quite knowing who holds their mortgage and the options available for making payments on the loan. The welcome call was placed a few days before a customer’s first payments were due. It explained how to fill out the paperwork in their new homeowner packets, let them know when their forms were due, and gave them the option to pay over the phone or speak with a loan counselor to discuss their account and other options for making payments. This led to a 65% reduction in first payment default rates in all stages. The automated calls enhanced their customers’ experience by empowering them to self serve. And, because the information was proactively delivered to customers before they needed it, the volume of inbound calls decreased significantly. This allowed SunTrust’s agents to focus on more complex interactions with customers and more payments were made on time.
SunTrust discovered that by providing a Varolii Welcome Call to new customers explaining billing procedures, those new customers were much more likely to pay on time and be responsive to further automated communications.
With Automation Communication:
First Payment Defaults:
• 30-day Reduced by 62%
• All Stages Reduced by 65%
The next step: collections
When the company deployed a similar system for their collections program, they saw the similarly impressive results. “A lot of customers are following through with self-cure. With our system, they can respond that they’ve either made a payment, or will be doing so in the next few days,” says SunTrust Vice President, Tony Chambers. “We’ve found that when they commit this way, they tend to follow through. “
The benefits: doing more with less
SunTrust received no complaints from customers regarding the new automated system and are currently working with Varolii to implement an application for SunTrust’s mortgage loss mitigation.
ABOUT VAROLII
Varolii® provides on-demand communication software and services that enable organizations to more effectively reach and interact with their customers and employees, getting the best result from every interaction.
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