A dynamic financial services firm committed to empowering small and medium-sized enterprises faced significant challenges due to fragmented customer information and inefficient manual processes, which Persistent addressed by implementing Salesforce Sales Cloud and Service Cloud to support omni-channel customer interactions and automate workflows.
The Challenge
Customer information was fragmented, which prevented the team from having a complete view of the customer. The lack of cohesion between Sales and Renewals led to a slow and inefficient collection process. Furthermore, the existing procedures were manual, labor-intensive, and riddled with errors. The high-code legacy platform wasn’t scalable and failed to keep up with their evolving and increasingly complex business needs.
The Solution
Persistent implemented Salesforce Sales Cloud and Salesforce Service Cloud to foster omni-channel customer interactions, encompassing SMS, email, web, and telephony, as well as robust case management and tracking systems. By automating workflows for managing approvals and escalations, the solution significantly improved speed and collaboration, resulting in a more efficient recovery process.
Digital outreach to merchants was streamlined through the dynamic letter drafting capability, ensuring timely and effective communication. The 360-degree view provided by CRM Analytics offered updated and consolidated customer information, enabling high-value interactions and informed decision-making.
Additionally, a dedicated collections portal was established for third-party agencies and legal executives, facilitating faster recovery of outstanding debts and enhancing overall efficiency.
The Outcome
- 30% faster deployment leading to quicker market speed.
- 40% reduction in collection processing time due to automation.
- 20% reduction in the average age of Accounts Receivable (AR) and a decrease in bad debt losses/NPAs.
- Higher CSAT Scores and enhanced employee satisfaction resulting in lower employee turnover.
Products
- Salesforce Sales Cloud
- Salesforce Service Cloud
- Tableau, CRM Analytics
