How a Fintech Company Achieves TKB90 With 80% Successful Payment Rate While Maintaining Happy Customers On Board!

Summary  

 

With 80% of the loan collected, convergence has successfully assisted Fintech Company in becoming a top Fintech in Southeast Asia, earning TKB90. Customers of Fintech Company have also expressed satisfaction with the new help desk, which offers swift responses and product knowledge. The Fintech Company loan assessment teams’ analysis of customer loan applications is no longer a pain in the neck, thanks to Convergence’s implementation of the most cutting-edge inbound call technology, which also facilitates a speedy and accurate review of loan applications.

 

Challenges Fintech Company Faced 

 

Pandemic caused non performing loans to increase

 

P2P lending companies, including an established P2P Fintech like Fintech Company, have been severely impacted by the COVID-19 pandemic. According to the Indonesia Financial Service Authority (OJK), there are 158 authorized and legitimate P2P lending companies that experienced non-performing loans at the start of the pandemic. From the previous months, when the payability level or TKB90 surpassed to 95%, the performing loans in July 2020 dropped to 92.01% or almost 7,9% of P2P companies in Indonesia reportedly struggling with debt collection.

 

Fintech companies also experienced the aforementioned difficulties. As a P2P lender, Fintech Company is responsible for upholding the confidence of lenders and borrowers, both of whom use their platforms. Minimizing or even preventing borrowers from defaulting on their debts was not as simple as tossing a coin. During the COVID-19 pandemic, society was faced by days of uncertainty because of the economic slowdown. As a result, Fintech Companies’ loan borrowers might not have made loan repayment their top priority at that time, which caused the non-performing loans rate to increase. The rise in non-performing loans put Fintech Company in danger of losing investors and lenders.

 

A sophisticated solution that could locate borrowers’ contact information quickly and precisely was required to stop these dangers from spreading and to stop the percentage of non-performing loans from rising. To reduce the number of delinquent loans, it was also crucial to have skilled representatives who could work quickly and were educated to use the right tones when speaking with borrowers.

 

Seven help desk personnel had trouble responding to customers’ questions.

 

When we first started, there were just seven agents in charge of the Fintech Company help desk. They kept all lines of contact open to ensure that clients were happy when they made purchases through the platform. They switched from one channel to another, replying to chats and taking calls. These numerous duties not only stressed out the agents but also reduced client satisfaction with Fintech Company. They desired a quick resolution to their issues as customers without having to give up their time.

 

In order to accomplish this, Fintech Company required not only knowledgeable and dedicated agents, but also a platform that centralized all channels of communication. This would allow agents to focus their efforts on processing tickets quickly rather than having to switch between channels.

 

Rapid loan application review and protection of consumer data

 

It is important to protect sensitive data that P2P lending companies frequently store, including client names, addresses, emails, phone numbers, bank account information, and contact information for relatives. This is done to avoid the possibility that the data would be used for fraud, including phishing schemes and identity theft, by uninvited parties.

 

Customers, including borrowers and lenders, may lose interest in using the platform if their data is compromised. OJK alone has established a set of guidelines for the protection of consumer data and mandates that all P2P lending companies follow them.

 

As borrowers, they want to know that their data is safe when they apply for loans. They also want their loan applications to be evaluated quickly. Hiring new employees to fill these positions would be a waste of money for Fintech Company as the roles each have separate responsibilities (reviewing applications and protecting customers data).

 

What we do

 

Convergence was summoned by Fintech Company at the proper moment. Before deciding on any strategies to assist a Fintech Company, we first looked at each problem.

 

In loan collection, we discovered that Fintech Company had to reach TKB90 despite the prospect of an increase in the non-performing rate. We prepared some measures to help Fintech Company reach this goal and reduce the percentage of non-performing loans.

 

First, we built up a predict dial tool so that loans that were due within three months would call the borrowers automatically rather than requiring agents to look up the borrowers’ phone numbers then dial them. Like its name, this predict dial checks active and connected phone numbers and eliminates inactive ones so that agents can automatically call active phone numbers. This cutting-edge technology has a track record of reducing costs, time, and labor in the Fintech industry. 

 

Second, for loans that have been past due for more than 900 days, Convergence has put up a skiptrace. This technology allows Fintech Company to trace borrower information in more detail. So that Fintech Company no longer needs to look for specific information on borrowers, such as contacts outside of the emergency contacts, employment information, or even their online activity. This skiptrace has increased loan collection for loans that have been past due for more than 900 days. 

 

Reviewing loan applications is another feature of this Predict Dial technology. If before loan application reviews had to be performed manually and with a large number of reviewers, this Predict Dials sped up the process. To confirm the validity of the application and prevent the loan from not being repaid on time, it contacts the borrowers’ selected emergency contact automatically.

 

In customer service, we realized Fintech Company needed more than seven agents to answer customer inquiries. At the time, our top aim was to raise customer happiness while reducing agent stress. As part of our strategy, we not only increased the number of agents, but we also established customer care centers in the major cities of Jakarta and Yogyakarta. With more agents and two call center sites, the help desk tickets would be resolved every day, allowing us to achieve zero downtime.

 

Thanks to the CRM Omni channel, which centralized all communication channels in one location. With the support of hundreds of agents working behind the Fintech Company customer care and centralized communication channels, issues can be resolved quickly while also maintaining agent productivity.

 

The result

 

TKB90 target has been achieved

 

The payable rate in Fintech Company has gone up. As a result of Convergence’s success in collecting loans that were past due in fewer than 90 days, the number of non-performing loans has decreased.

 

80% of loans are collected

 

By using Predict Dials, active phone numbers of borrowers can be promptly located, saving agents’ time from having to look up and contact the number. Agents are now only engaged with communicating with borrowers and quickly examining loan applications.

 

Short response time create customers satisfaction 

 

The secret to providing clients with a positive experience when calling or chatting with Fintech Companies helpdesk center is dedicated personnel. They can swiftly address their difficulties and easily get solutions from the agents within minutes. Additionally, since all the channels are now in one location, agents no longer need to switch between them.

 

Backup site was built to protect customer data

 

To stop thieves from taking consumer data, it’s crucial to have a backup site. Borrowers, lenders, and even investors are now more confident in lending, borrowing, and investing money in Fintech Companies when the data is safely protected.

 

Credit application is approved in just minutes

 

For borrowers, a speedy approval process fosters happiness and trust. For Fintech companies, a quick approval process means spending less time and money paying loan application reviewers to determine whether or not an application is accepted for a loan.

 

Contact us today to learn how Convergence can help produce result like this to your business!