Platinum Bank optimized the Collection service
Today, in the conditions of increased competition, the key factor for successful business development is the level of customer service, so companies are forced to constantly look for new solutions that can improve the quality of service. Being one of the most innovative in the market, Platinum Bank is constantly working to improve the quality of its services.
Choosing a solution
By automating the Collection service with Oracle Siebel CRM, Platinum Bank has received a flexible tool that allows you to not only deal effectively with problematic debt, but also to constantly optimize existing processes.
Based on the already accumulated information in the CRM-system of the bank, it was decided to implement a client-oriented concept of interaction with clients, which will allow to effectively manage relationships with debtors, optimize outgoing calls and reduce the information load on the client.
Description of the project
During the implementation of the project it was possible to reduce the number of contacts with the client due to the reorientation of the Collection from «contracts to the client». Traditionally, in collector applications, all interactions with debtors were tied to credit agreements, not to specific people, which caused repeated calls to the client in the event of arrears on several contracts at a time. The introduction of Oracle Siebel CRM allowed the bank to contact the customer once under all existing contracts and avoid excess contacts with him.
As part of the customer-centric concept, Platinum Bank has created a «life cycle map» that allows you to optimally segment and tailor your interaction strategy depending on the stage at which the customer is located.
Depending on the stage of the client’s life cycle, it became possible to optimally group and select acceptable methods of communication. Determining the life cycle stage is based on the use of an algorithm that takes into account the client’s history for the entire period and the characteristics of the debt. This takes into account the product, amount, timing, frequency, timing of payments, as well as the response to collection calls. Platinum Bank has identified 67 such steps, and Oracle BI is responsible for moving a customer from one stage to another in a timely manner. With Business Intelligence, you can monitor the effectiveness of interactions based on a representative sample that allows you to model the audience’s response to offers through various communication channels.
A distinctive feature of this project was that the implementation of the new concept in Oracle Siebel CRM was fully carried out by Platinum Bank staff, and the representatives of Areon Consulting acted only as consultants who supervise its implementation.
Pavel Shchurenko, Consulting Director, Areon Consulting
In each of our projects we try to create a Siebel CRM competence center for the client, which will be able to independently support and develop the CRM system. As a rule, it not only reduces the cost of customers but also increases the value of Oracle Siebel CRM for business. The Platinum Bank project has once again confirmed the effectiveness of this approach. The team of the bank in a timely manner has done great and interesting work at a very high level, which can be appreciated by both the management of the bank and its clients.
The use of CRM-system in Collection processes allowed to take into account not only the situation with the debtor at the moment, but also the previous history of the bank’s interaction with this client. With the introduction of Oracle Siebel CRM, we have been able to pay more attention to «sophisticated» customers and significantly reduce bank costs.
Dmitry Krasnoshlik, Member of the Board, Platinum Bank
Innovation and efficiency are some of the key values of our bank, so we always strive to improve the quality of services. The accumulated data allowed us to better segment our customers and determine the optimal set of actions for each group. Although the project was completed not too long ago, we are seeing the first results: the cost of the hryvnia has decreased by 22%, and the reduction in the number of communications has kept the loyalty of our clients experiencing temporary difficulties.
Platinum Bank is a specialized retail bank, which since 2005 provides deposit and credit products for individuals through a network of branches and customer service points throughout Ukraine. Platinum Bank’s major shareholders are a group of financial shareholders, including the European Infrastructure Investment Company (EIIC), Luxembourg, a private equity fund. There are no natural or legal persons who directly or indirectly own 10% or more of the bank’s shares.