Auto Lending Collections Process Review
Bridgeforce was engaged to assist a client was looking to revamp their Auto Lending collections practices. Specifically, the client was looking to create additional Loss Mitigation solutions to reduce the number of repossessions.
Bridgeforce was asked to capture proposed workflows and solutions for a new customer centric collections strategy and develop loss mitigation waterfalls for analysis. At the same time Bridgeforce was to provide credible challenge to proposed solutions and share industry best practices.
Project was delivered on time and on budget and the deliverables positioned the client to achieve their overall goal of reducing overall repossessions.
Bridgeforce partnered with a cross functional group of the client’s Legal, Credit Risk, Corporate Credit and business operations teams to identify and redesign customer journey mapping scenarios in their Auto Lending default area.
Customer centric collections strategy flows were created, system support was identified, and a loss mitigation waterfalls were created to be analyzed for implementation.