TrueAccord Doubles Green Trust Cash’s Collections Rate
Green Trust Cash is one of the latest entrants into the short-term consumer loan market. The company provides underbanked consumers with better options by offering cheaper alternatives to expensive bank overdraft and late fees. Started in 2012, the company has made it a goal to provide consumer financing in a responsible manner, while emphasizing great customer experience.
Defaults and write-offs are a part of any lending business and more so, when dealing with subprime consumers. Green Trust Cash found it especially difficult to locate a collections agency that helps customers get back on track, while providing a user experience that matched their values. The focus for the company was to give customers better options and more control of their finances. As the company grew, it needed a solution that scaled without compromising customers’ options.
Green Trust Cash built an internal process to get customers back on track, and it worked well, but the company struggled at scaling the human-intensive process. Its servicing group was better suited for onboarding and engaging new customers. Outsourcing to an agency was the obvious next step – but traditional players were unattractive.
“We are only a few months into the process, but already see TrueAccord beating our previous vendor’s recovery rates.”
Head of Customer Care, Green Trust Cash
“We care about our customers, who are often in difficult financial situations,” said Green Trust’s Head of Customer Care. “There just wasn’t a service out there that would give our low-balance accounts enough attention, while being flexible enough to help our customers rather than stress them.”
Traditional agencies struggle with human-intensive collection processes, especially on low amounts. The high-touch process can get bogged down and quickly becomes operationally unprofitable. After hearing about TrueAccord’s adaptive system, the company inquired about its services and whether they matched Green Trust Cash’s needs. There was a clear match.
“I found a company that agrees with our values, focuses on great user experience and brand values, and lets customers work through the channel they like best, with a payment arrangement that works for them,” states the representative.
TrueAccord’s data-driven solution quickly adapted to Green Trust Cash’s loans and started getting customers to pay or sign up for a payment plan. Its system, powered by a San Francisco based Engagement Team, was able to reach more customers and negotiate more arrangements than Green Trust Cash had previously seen. The result was an effective doubling of Green Trust Cash’s collection rate (as compared to its previous vendor).