An Australasian Fintech Company revamped its collections strategy with Upscaled’s help, implementing a 24/7 IVR system for payments and an automated tool for payment arrangements, boosting collections and cash flow. Additionally, Upscaled’s procurement of an off-shore partner enabled the Fintech Company to expand into new markets, resulting in increased collections, improved liquidity, and sustained company growth. This transformation allowed the Fintech Company to extend its operations beyond conventional business hours and tap into global opportunities.
The Fintech Company was looking to enhance its collections strategy, specifically during business hours outside of the norm. The company’s leadership was also looking to explore avenues for growth through off-shore expansion.
Overall, the key objectives were clear:
Develop a collections resourcing strategy for weekends and evenings to maximise outreach.
Increase customer payment plans and cash collections to improve financial liquidity.
Evaluate off-shore options to facilitate company growth and scalability.
Challenges
The primary challenges faced by the Fintech Company it pursuing these goals included:
An outdated collections system that operated within limited business hours, leading to missed opportunities for customer engagement.
Inefficient payment plan arrangements that hindered cash flow.
Limited knowledge of off-shore market dynamics and potential partners.
Solution
Upscaled provided a comprehensive solution that systematically addressed each of the Fintech Company’s needs:
24/7 Payment IVR: Upscaled implemented an Interactive Voice Response (IVR) system, enabling customers to make payments at their convenience, regardless of the time or day. This system significantly increased the availability for customers to clear their dues, leading to a consistent uptick in collections.
Automated Customer Arrangement Tool: By introducing an automated tool for setting up payment arrangements, Upscaled facilitated an additional $2 million per month in arrangements. This tool streamlined the process, making it easier for customers to commit to payment plans, thereby boosting cash collections.
Off-Shore Partner Procurement: Upscaled’s expertise in global markets came to the fore as they identified and procured a fit-for-purpose off-shore partner. This strategic move not only provided the Fintech Company with cost-effective resources but also opened up new markets for business expansion.
Results
The strategic solutions implemented by Upscaled led to tangible results for the Fintech Company:
A significant increase in collections due to the 24/7 IVR system.
Enhanced cash flow from the rise in customer payment plans.
Successful entry into off-shore markets, paving the way for sustained growth.
Thanks to the expert guidance of Upscaled, the Fintech Company was able to complete a business transformation and power a substantial growth strategy to take it to its next business stage.