Asset Recovery Management
An elevated customer experience and integrated solution for an asset recovery management heavyweight.
About the client
Thrio worked with a leading asset recovery management (ARM) company with expertise in a wide range of industries, from education, healthcare and government to retail recovery and commercial.
The firm is known for its strong online presence, use of advanced technologies and specialized personnel education programs. This translates into higher conversion rates for their clients and a more positive payment experience for their clients’ customers.
Why did they choose Thrio?
The client selected Thrio as its technology partner to expand its channel mix, introduce automation capabilities, and consolidate vendors. The leadership team determined Thrio to be the best fit for several reasons:
It’s all about the experience
Whether inbound or outbound, customer contact is all about the experience – for both the agent and customer. Thrio’s AI-powered cloud-based technology creates the very best digital customer service experience, whatever the digital channel – including customer service emails, new SMS, social media, virtual agents and more.
We helped this leading asset recovery management firm make a rapid and seamless transition. Moving from seven distinct vendors to a single technology partner in a matter of weeks required tight collaboration between both teams. Since Thrio would fill a role previously supplied by seven different vendors, the key focus during implementation was to maintain business continuity with zero downtime.
Doing so primarily required an integration between the existing back-end system of record and Thrio’s cloud contact center infrastructure. This would allow data to flow between the company’s databases and the front-line agents on the phone with consumers. A unique challenge presented by this system was that the system of record was not housed in the cloud. This demanded the creation of secure servers that could communicate with the on-premises installation of their back-end system and our cloud-native solution.
Thrio enabled the team to take live traffic on the new system within a matter of weeks, which surpassed their goals and exceeded expectations for this engagement.
Thrio enabled this asset recovery firm to reduce vendor complexity, reducing from 7 vendors down to just 1. The ability to add and change services all within one platform meant faster time to market and the ability to adapt to customer demands much quicker.
We also helped them boost agent productivity by 40-50%, increase revenue by 30% and start auditing agents in real time – and automatically.
As well as helping the team regain focus on their core business, our solution streamlined compliance auditing and supervision. The results? Thrio helped this tech-savvy company realize immediate and substantial cost savings as well as streamlining processes for maximum efficiency.
Our client saw an approximate 30% saving overall by switching to Thrio, through a combined reduction in agent fees, integration and licensing costs.
Previously, the team used seven separate vendors for:
- Telco (PRI, VOIP, Local LD, voicemail drops, SMS, onsite LCR)
With our help, they regained focus on their core business. By eliminating our client’s need to test integration and maintain separate systems, we were able to save the team time, effort, and money.
The company’s old system restricted the team’s productivity. Calls per agent, per day were approximately 70-100. Manual campaign and list management drained supervisor time and increased agent downtime as well. The vendors used were costly, preventing the use of reporting, analytics, agent productivity insights, and predictive/progressive dialing modes.
With Thrio, calls per agent rose to 400+ per day. Automated list management and performance tracking freed up supervisors to monitor, oversee and coach agents to success. Increasing the volume of outbound dialing resulted in more consumer contacts. The tight integration between Thrio and the system of record saved time on each transaction and on an enterprise-wide scale.
The previous collection of 7 different platforms did not have the ability to scale seamlessly, and it was not easy to add agents on to the platform due to the complexity of balancing separate pricing models.
Thrio provided the technologies required via flexible microservices in one single platform. The ability to add and change services all within one platform meant faster time to market and the ability to adapt to customer demands much quicker.
The client’s old system required compliance staff to manually audit a random sample of phone calls, listening for agents who may not have conducted proper disclosures. This increased the risk of fines and litigation in the event of non-compliance by agents.
Thrio’s AI-powered Transcription and Compliance Scorecards allow control over which agents receive near-real-time compliance audits that flag risky calls and enable swift supervisor responses. With the cost of each individual violation exceeding $5,000, these enhanced supervision tools allow the client to engage in a more extensive supervisory regimen as part of an overall risk-reduction strategy.
In their own words
“We are committed to delivering exemplary performance and outstanding customer service. Everything we do is relationship driven.
Thanks to Thrio we now have a 360-degree view of our end users. We can better and more efficiently serve customers in real-time and on their terms – whether it’s a call, chat, SMS or email.
We’ve seen a substantial increase in efficiencies in the range of 40% as well as an uptick of agent revenue generation in the range of 30%. These speak well to the value we are receiving from our investment in Thrio.”
Founder & CEOAsset Recovery Management Firm
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