Success Story
Williams & Fudge, Inc. Sees 32% Right-Party Contact Rate Improvement with Finvi's Advanced Segmentation Solution
Business Challenge
After many successful years in student loan recovery and early intervention, Williams & Fudge, Inc. decided to branch out into more types of third-party accounts receivable management.
The company had developed a successful student loan recovery model which focused on dividing and assigning accounts to their representatives by specific territories. This model, however, proved less successful when collecting on purchased debt - account volume was much higher, and balances (typically) were much lower.
Additionally, because of the close ties former students have to their alma mater, they tend to be easier to contact. Contacting consumers who owe on purchased debt can be trickier. Williams & Fudge, Inc. needed a way to not only score consumers' propensity to pay, but also to better segment consumers by likelihood of making contact. In other words, Williams & Fudge needed to know more than who to contact - they needed to know when to contact them.
Strategy & Goals
“It was clear that Finvi’s Advanced Segmentation solution was exactly what we needed to meet our objectives to bolster purchased debt collections,” said Jon Balon, Vice President of Innovation for Williams & Fudge, Inc. “Based on propensity to pay score alone, you may receive an account that is earmarked as the best account on which you can collect, but if you can never get ahold of that person, what have you really accomplished?”
Finvi's Advanced Segmentation solution returns propensity to pay as well as best time to call, but what sets Finvi's solution apart is the dynamic scoring process. While other scores start strong and remain static, Finvi's Advanced Segmentation solution continues to refine the scores over time, which means clients collect more over time as recovery rates remain steady.
Results
Finvi's Advanced Segmentation solution is helping Williams & Fudge, Inc. work smarter, not harder, allowing them to experience greater success with contact rates, and ultimately devote more time to working the right accounts at the best time for the consumer.
Since implementing Finvi's Advanced Segmentation solution, Williams & Fudge, Inc. has generated over $1.4 million in new revenue with the addition of this entirely new line of business.
"There will always be outliers, and it is dangerous to rely too heavily on one piece of data," Balon said. "Finvi's Advanced Segmentation solution provides a more complete picture of the consumers, contributing to higher collections, and in turn, greater satisfaction both for us, and our account representatives."
About Williams & Fudge, Inc.
Williams & Fudge, Inc. has been serving the third-party collections industry since 1986, specializing in student loan debt recovery. In addition to their collection efforts, they also employ a successful early intervention program to help students navigate ways to pay their debt.
Williams & Fudge, Inc. has been serving the third-party collections industry since 1986, specializing in student loan debt recovery. In addition to their collection efforts, they also employ a successful early intervention program to help students navigate ways to pay their debt.
