While other financial institutions provided blanket deferment options in response to the coronavirus pandemic, NCA decided to come up with a different approach – one that aligned with its mission to assist consumers with restoring their financial health.
Understanding their consumers might be facing additional hardships because of COVID-19, the company shifted all of its efforts into servicing loans and helping consumers adjust personalized repayment plans. This effort required an aggressive and hyper-targeted operational and communication plan and they turned to LiveVox for assistance.
The challenge
In an effort to proactively serve customers amid a global pandemic that shuttered businesses and ushered in a wave of economic fragility, New Credit America needed to get a head start on a work from home contingency that presented minimal service interruption for customers and a smooth transition for staff.
The solution
Proceeding with a phased approach, they successfully migrated their service representatives to work from home within a week with full functionality. By using LiveVox’s monitoring, chat, and agent scorecard applications, they were able to maintain communication and visibility for their remote service representatives.
Re-thinking financial hardship options
While other financial institutions provided blanket deferment options intended to create even greater hardships for their consumers in the near future, NCA decided to come up with a different approach – one that aligned with their mission to assist consumers with the restoration of their financial health. Understanding their consumers may be facing additional hardships because of COVID-19, the company shifted all of its efforts into servicing loans and helping consumers adjust personalized repayment plans. This effort required an aggressive and hyper-targeted operational and communication plan and once again, they turned to LiveVox to assist
Creating personalized digital communication
Using customer data, NCA created hyper-targeted cross-channel campaigns that spanned voice, email, and SMS. The campaign segmentation was filtered by a number of customer profile data points including account status, loan type, and COVID-19 relief requests. These campaigns spanned the entire customer journey, including automated notifications, account alerts, and account progress, which was also followed up by personalized digital communication from individual service representatives. The campaigns also ensured a unified customer experience by following specific logic flows based on consumer consent and previous interactions.
The results
As a startup company helping customers nurse their financial health, New Credit America rapidly adapted to the changing demands of an uncertain environment with intelligent, timely campaigns and enrich agent desktops, providing frontline staff the ability to know and communicate with the customer throughout the most critical points of the lending journey.
