Digital transformation and innovation reshape collection model

Adaptability

Seyco is the debt collection division of Líder Bci Servicios Financieros, a financial retail company based in Chile that serves more than 3 million clients in all regions of the country. Its main product is the Líder Bci credit card, which offers insurance, assistance services and consumer credit.

The culture of change is imprinted in the history at Seyco. From being a national tele-collection company, it became part of a multinational company. And it was integrated into a company of Banco Bci, the third largest private bank in Chile.

From debt collectors to financial advisors

Seyco wanted to innovate a business strategy in which recovery tasks were focused on consulting and collaboration.

“Today, more than debt collection, we provide financial advice to our clients. We want to collaborate with them so they can continue using our products. This is our new culture,” said Mauricio Reyes Figueroa, Digital Development and Data Strategy Manager at Seyco.

But Seyco soon discovered that its technology-based infrastructure, which ran on Aspect on-premises, hindered innovation. “We had nine different servers that produced at least three productive incidents a week, such as call cuts or system crashes,” said Reyes Figueroa.

Accelerated digital transformation

At the beginning of 2020, Seyco decided to change its contact center technology to execute its new client relationship strategy. A critical point was to find a solution that would allow a quick and smooth transition, since it could not halt operations.

“I was looking to generate disruption; I wanted to get out of the typical classical framework established. We evaluated several alternatives and decided on Genesys Cloud because of the dynamism, flexibility and confidence it could give us,” said Reyes Figueroa.

A few days after launching the pilot project — with only four inbound executives involved — Chile went under lockdown because of COVID-19. Then, the transformation plan was expedited. In three days, it climbed to 120 positions to relocate 240 representatives who today work from home in two shifts.

“In reality, it was simpler than we imagined. The eContact partnership played a key role. It helped us a lot in terms of specific configurations and was very patient when we asked for several trainings for our work teams,” said Reyes Figueroa.

Making conversations count

With the Genesys Cloud platform, Seyco reached 99.9% uptime, handling more traffic from longer calls. At the same time, contact levels improved by 100%.

“We have a much more stable, robust service and we can trace it completely,” said Reyes Figueroa.

He noted that the intuitive design of the platform enhanced its ease of use. And excellent documentation allowed Seyco to perform many of the configurations it needs without assistance. Maintaining the old system wasn’t time efficient or practical.

Today, Seyco representatives don’t use the typical collection script. They figure out how to help each person instead. Conversations take a little longer, but they’re more effective.

“This new model of interaction allowed us to reduce the delinquency rate quickly. Customers are now more loyal to the products they take. And they understand their financial situation much better, and how they can take advantage of the benefits of our products,” said Reyes Figueroa.

Automation takes innovation to new levels

Today, Seyco makes better decisions, earlier in the process. Being able to trace each contact means that executives can see what’s going on behind the scenes using powerful reporting tools.

To integrate the customer experience across all channels, the innovation team at Seyco will leverage the new platform to automate online self-care services.

“We have to continue adapting our processes so the client can assist him/herself in terms of collection and make this consulting service much more automated. That is, the client can adjust the parameters to take a better product. We will continue to look for the best way to fulfill the task of collecting in a consultative manner, relying on Genesys technologies,” said Reyes Figueroa.