CONTACT & REMEDIATION PROJECT
A major bank needed to conduct a contact and remediation exercise on 10,000 credit card customers who had been assigned incorrect credit limits. This discrepancy caused a negative impact on customer experience and resulted in potential revenue loss for the bank. The bank needed to conduct a contact and remediation exercise to rectify the issue. The bank utilised its existing policies, processes, and technology but required third-party resources to bridge a resource gap.
The bank engaged a third-party resource provider to assist with the contact and remediation exercise, working with the bank from the initial stages to the implementation and delivery of the solution. The first step was to ascertain candidate profiles, implementation, and delivery requirements, and governance structure.
To ensure the success of the project, operational and strategic oversight was included in the solution. This approach provided the bank with a turn-key solution, which included the following:
Candidate Profiles: The third-party resource provider worked with the bank to identify the profiles of the candidates who would be contacted for the remediation exercise. The profiles included customers who had been assigned incorrect credit limits and were impacted by the error.
Implementation and Delivery Requirements: The third-party resource provider collaborated with the bank to develop a comprehensive implementation and delivery plan for the remediation exercise. This included the development of communication templates, call scripts, and escalation procedures.
Governance Structure: A governance structure was established to provide oversight and ensure that the project was delivered within the agreed timelines and budget. This structure included regular meetings with key stakeholders, progress reporting, and risk management.
The turn-key solution allowed the bank to rectify the issue quickly and efficiently, which resulted in a positive impact on customer experience and prevented potential revenue loss. The engagement from the bank also showcased the importance of collaboration and the use of external resources to bridge resource gaps. The inclusion of operational and strategic oversight in the solution provided the bank with a comprehensive turn-key solution that was delivered within the agreed timelines and budget.