The Challenge
Thanachart Bank was facing rising delinquencies in the market and knew they had to take action to improve their collections or risk huge losses. They signed up for a CollectionLab course in the hopes of better segmenting and communicating with their customers to maintain and improve profitability.
Over the course of the multi-day intensive workshop, dozens of participants with a wide range of collections expertise learned to optimize their collections process and improve customer segmentation.
Through their CollectionLab training, Thanachart Bank was able to game out and test 16 years of virtual experience – in just three days!
Over the course of the multi-day training, participants were able to:
Develop and test a diversity of collection strategies with real-world market conditions in a virtual environment in the numerical simulation
Predict future staffing needs, seeing how too many collectors could wipe out profits – but too few could lead to greater write-offs
Ensure staff alignment with customer risk profiles. Participants identify customer segments and anticipate their movements by collection stage
Calculate the effectiveness of their strategy against customer trends, unexpected changes in the economy and variations in performance across portfolios
Receive feedback from coaches who evaluated each team’s performance compared to other players in the class
The Result
After the course, Thanachart Bank saw a noticeable improvement in their Collections within 60 days. Thanks to CollectionLab, they were able to significantly move the needle by improving collections on their existing loans, extending credit to qualified lenders, and increasing profits.
“The trainers are definitely good. They knew their (content) well and were able to explain and answer the questions regarding collection. “
“I [really] liked the Simulation Game/Role-play Activity!”
“I loved the training atmosphere. I felt at ease and the instructors made the hard things easy to understand because the messages were well delivered. “