Today we’d like to hare with you the Boodle Finance debt collection success story – our latest case study. Boodle Finance is a leading provider of fast and easy online loans, who were facing challenges in collecting outstanding debts. Their manual debt recovery processes were very time consuming and communication with debtors lacked efficiency. This led to overall recovery rates being below their expectations. To address these pain points, Boodle Finance partnered with TRAQ Software, implementing our leading debt collection software solution. The rest is history – and a future of faster debt recovery at the same time!
The Challenge. Strangled by Workflows
For Boodle Finance – a leading provider of online loans, keeping track of outstanding debts was a mounting challenge. Their debt collection process relied heavily on manual tasks. This time-consuming approach wasn’t just inefficient; it left agents frustrated and recovery rates lagging. They weren’t simply looking for an arrears collection system, but multiple solutions – all in one place. So this is where we came in!
- Time-consuming Tasks & Tedious Processes: Sending invoices, following up on payments and many other manual tasks used to be a time-consuming process. TRAQ’s user-friendly dashboard makes it quick and easy, saving agents valuable time.
- Inconsistent communication: There was a lack of centralised communication channels that made it difficult to track interactions with debtors, contact information and overall communication strategy. TRAQ’s omnichannel communication has it covered.
- Low recovery rates: Boodle’s previous approach limited the team’s ability to effectively reach out to debtors and collect outstanding balances effectively. TRAQ’s debt collection software automates an array of tasks.
Here’s How TRAQ Tackled Boodle Finance’s Challenges
As mentioned, tasks like invoices and follow-up communication consumed agents time and productivity, in turn, slowing them down and ultimately adding stress. To conquer this swiftly, TRAQ’s user-friendly dashboard now automates these processes.
This frees up that time for strategic work. The lack of a central communication system was a challenge. So, TRAQ’s personal omnichannel communication solution now allows agents to connect via preferred methods (SMS, email) and track all interactions.
To make life even easier, TRAQ is automating tasks like sending reminders and knowing the best time to call among other features – all allowing Boodle Finance to focus on complex cases and personalise collection strategies.
As you may already know, TeamTRAQ has always, and will always make a clear case for the “human first” approach. TRAQ allows you to create customised debt recovery plans with instalment options, too. This has resulted in a significant boost in recovery rates at Boodle. TRAQ Software has been a leading debt collection software in South Africa for over 20 years, and we’re happy to have them on board.
Boodle Finance Debt Collection Success Story – The Results
The results with TRAQ are impressive! Since implementing TRAQ, Boodle Finance has experienced significant improvements in their collection rates. Automating tasks and optimising communication has led to a significant rise in recovered debt and freeing up valuable time. But don’t just take our word for it! The results speak for themselves, watch the Boodle Finance debt collection success story in their wonderful testimonial below:
This Boodle Finance debt collection success story showcases the the struggle of chasing down overdue payments – and the power of TRAQ’s debt management software. Their old strategy was a time-suck, with agents swamped down in manual or unorganised tasks and scattered information.
TeamTRAQ is proud to see the results they are achieving using the power of our debt management software. We give businesses like Boodle the power to achieve higher recovery rates and improve agent productivity – and a competitive advantage!