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43% increase in payments from email - one lender's story

Collections and servicing teams are choosing digital options like email and text to boost payments and lower the cost to collect.

But if initial results don’t match expectations, it can be easy to get discouraged.

The underlying problem is that many of the consumer finance teams we talk to don’t know how to optimize their outreach strategy. 

The keys to effective email and text outreach

If you want to see the true power of digital, you need to know exactly how and when to reach each customer effectively and get the payments you’re looking for.

Without that information, these companies are relying on their best guesses.

You deserve better in inexpensive digital engagement

So when a large buy now, pay later (BNPL) lender’s collections team came to us to help them raise revenue from email contacts, we jumped at the chance to show them - and you - how Prodigal's AI-powered ProEngage app can change the game.

Like many collections and lending businesses, maybe even like yours, the BNPL lender faced challenges in optimizing their digital outreach efforts. 

They were looking to improve revenue generation from email contact, but their existing practices were falling short of expectations.

Uncovering the best path forward

We understood the lender's goal of increasing revenue and used our app for identifying the right time to contact each account, ProEngage, to tailor a model to their specific needs. 

Digital strategies may be new to the industry, but they’re not new to us. Prodigal is built specifically for consumer finance teams. We’ve trained our AI on over 400 million consumer finance conversations just like the ones you have with your customers every day.

It's AI that understands both the context and conversation of the messages you’re sending to your customers means reliable analysis and results. No more guesswork.

Using data to get big results

Thanks to our industry expertise, ProEngage analyzes 500+ interconnected consumer account and interaction variables.. 

We fine-tuned that model using the lender's own customer data, and ProEngage delivered precise recommendations for the best time of day to email each customer.

The results 

By implementing the custom ProEngage strategy, the BNPL lender witnessed remarkable improvements in their email performance. The results speak for themselves:

  1. 27% increase in email click-through rates
  2. 14% increase in email open rates
  3. 43% increase in payments received. 

ProEngage enabled the lender to connect with customers more effectively, resulting in a higher rate of successful payments.

Maximizing revenue potential

Extrapolating from the initial results, the BNPL lender’s new AI-powered email strategy has the potential to generate an additional $40,000 in revenue per day and an astounding $800,000 in additional revenue per month. 

These numbers demonstrate the immense value of a digital strategy supported by AI and data-driven decision-making.

Choose your own adventure:

Read the case study

Learn more about Prodigal’s AI-powered business intelligence for consumer finance

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