The client is a leading United States financial institution. As one of the nation’s leading consumer banks, the client provides a broad range of financial solutions for consumers and businesses. The Challenge In 2007, the client wanted to improve their customer interaction on delinquent accounts by providing a web collections tool and payment portal. The client goal was to improve customer experience on delinquent accounts and increase liquidation of their delinquent debt portfolio. The web collections channel is a complement to their existing robust internal collection operation on certain types of consumer accounts. How Debt Resolve Helped Debt Resolve had the client up and running on their web collection platform in 45 days. The branded solution has an identical look and feel to the institution’s normal web banking site. We provided functionality identical to the client’s existing phone and mail based offers to the consumer in the web environment. The web solution was integrated to the client’s existing payment platform, so the accounts collected through the web are deposited directly to the client’s existing recovery account. Debt Resolve worked extensively with the client to fine tune the web collection strategy to improve liquidation results through the web channel. The Results In conjunction with the client, the benefits of adding the web collection channel are as follows: • Upon maturity of the web channel, approximately 40% of consumers self select the web. • Upon maturity of the web channel, total liquidation improved by ½-1% depending on asset type. • The web channel’s contract-based liquidation rate is statistically identical to the client’s traditional liquidation strategies in the champion challenge. • The web channel accounts (YTD 2011) were recovered at 80% lower cost than the fully loaded cost of collection agents, saving the client significant expense. • The web channel resulted in successful settlements with approximately 60% of those who registered on the web. • The web channel assures FDCPA compliance and eliminated the potential for consumer abuse on those accounts serviced on the web. The bottom line: higher liquidation of portfolio at a fraction of the cost of traditional collections methods.