Duplicate Media Eliminated: Issuer Saves $500K Annually

The Problem

Duplicate media orders and an outdated system were draining resources and creating lengthy and costly fulfillment times for a major US credit issuer.

The Solution

Convoke's media order and delivery system provided process visibility, blocked duplicate orders, streamlined and automated workflows, and significantly reduced processing time.

Meeting The Challenge

A major US credit issuer asked Convoke for help with their system for handling collection vendor media and affidavit requests. The company recognized that it was receiving—and unnecessarily fulfilling—duplicate requests from collection vendors. In reviewing their process, we discovered that the inefficiencies were even greater than they suspected—and in fact were being masked by the company's existing processes and workflows. Outdated computer systems and complex manual workflows compounded the problem.

To bring greater clarity and efficiency to the process, our customer implemented Convoke's media order and delivery solution, which includes automated statement delivery and duplicate order checking. Document requests are now placed through our advanced SaaS platform, so duplicate requests are automatically identified and blocked. Using Convoke, more than 100,000 duplicate media and affidavit requests have been blocked at the point of order.

Generating Long-Term Change

Convoke's media order and delivery solution has streamlined our customers' process, provided needed visibility, and helped them achieve dramatic cost savings. Our customer is saving $500,000 per year—$2 million in the past four years—by eliminating duplicate requests and automating statement delivery. This has freed up human resources for other vital projects. In addition, Convoke's solution resulted in a 45-day reduction in affidavit processing times.

We are extremely pleased with the efficiency gains we brought to this credit issuer’s media delivery process. Having brought to light the extent of an issue that had been previously unknown to them, our system did not merely reduce the severity of the problem — it completely eliminated it.

These are the kinds of outcomes that Convoke brings to its customers on an ongoing basis. We are confident that we will continue to deliver exceptional results and cost-savings like these for years to come.

-David Pauken, CEO of Convoke

With the increase in regulatory requirements involving media delivery, it is critical that media fulfillment teams are prepared. By necessity, departments that use outdated methods for handling media delivery are quickly becoming a thing of the past. By adopting Convoke’s industry-leading media delivery solution, credit issuers not only increase efficiency and reduce costs, but prepare themselves to meet the demands of a changing regulatory environment.

This is a single example of the kinds of results our customers realize from using Convoke’s industry-leading platform. Others have achieved much larger savings by using our media order and delivery solution. We will be happy to discuss your particular use case with you and how Convoke can transform your debt collection management.