Case Description
A reputable bank in the Middle East faced significant challenges with cross-border recoveries across their retail loan, credit card, and other product portfolios. A majority of their customers had skipped from the origin country to their respective home countries, resulting in a surge in delinquent accounts and reduced recovery rates.
Challenges
High Cross-Border Exposure: Customers with outstanding liabilities relocated to home countries, evading repayment.
Language and Cultural Barriers: Communication challenges with borrowers from diverse linguistic and cultural backgrounds.
International Tracing Issues: Difficulty in locating and engaging with customers across borders.
Maintaining Ethical Standards: The need for recovery practices that adhered to strict ethical and regulatory guidelines.
VirtualTeam implemented a tailored Cross-Border Debt Recovery Strategy that leveraged our multi-lingual expertise, global presence, and ethical practices.
Key Initiatives:
1. Skip Tracing Across Borders
Leveraged advanced skip tracing tools and on-ground networks to locate customers across countries.
Validated updated contact details, addresses, and employment status.
2. Multi-Lingual Communication
Our skilled agents fluent in multiple languages (including Arabic, English, Hindi, Urdu, Tagalog, and more) effectively communicated with customers in their native languages.
Created culturally sensitive approaches to establish trust and encourage repayments.
3. Structured Recovery Framework
Implemented a soft recovery approach to engage customers through calls, emails, and messages.
Negotiated repayment plans tailored to customers’ financial capacities while ensuring high ethical standards.
4. Regulatory Compliance
Ensured all recovery practices adhered to the Central Bank guidelines and international debt collection laws.
Maintained complete transparency and legal documentation during the recovery process.
5. Performance Tracking and Reporting
Provided real-time updates and structured reports to the bank, enabling visibility into recovery trends and performance.
Our focused strategy and ethical recovery approach delivered outstanding results for the bank :
Improved Recovery Rates: Achieved significant recoveries from customers who had skipped to their home countries.
Top Performing Partner: VirtualTeam became one of the top-performing recovery partners internationally for the bank.
Multi-Lingual Efficiency: Bridged communication gaps with borrowers across borders, leading to faster resolutions.
Ethical Excellence: Maintained the highest quality standards and adhered to global ethical practices, preserving the bank’s reputation.
“VirtualTeam multi-lingual expertise and ethical recovery practices have been invaluable to us. Their ability to locate and engage cross-border customers efficiently has made them our top-performing partner for debt recoveries. Their professionalism ensures our reputation remains intact while achieving exceptional results.”
— Head of Collections, Leading Middle Eastern Bank