Major North American bank saves $25M+ with behavioral science collections
Executive Overview
One of North America's largest diversified financial services providers partnered with Symend to modernize collections across multiple consumer and small business portfolios. Over a 5-year partnership, the bank deployed AI-driven, behavioral science-based engagement across over a dozen product lines, achieving significant improvements in recovery rates while reducing operational costs.
The Challenge
The bank needed to modernize collections across multiple consumer and small business portfolios while reducing operational costs and improving customer experience. Traditional outreach methods were resource-intensive and failing to break through digital noise, resulting in suboptimal recovery rates and high write-offs.
The Solution
Starting in 2021, the bank partnered with Symend to deploy SymendCure across retail credit cards, personal lines of credit, auto loans, student LOCs, and small business portfolios. Symend's behavioral science team applied neuroscience, psychology, and behavioral economics principles to:
- Engage 2M+ placements per year with 40,000+ personalized outreaches daily
- Deploy 1,500+ personalized templates informed by 100+ behavioral signals
- Optimize engagement timing, channel, and messaging based on individual customer behavior
The Results
The bank conducted an internal A/B test, withholding ~10% of the population from Symend treatment. The results validated Symend's impact: 6% early-stage cure rate increase, 23% early-stage roll rate decrease, 5% late-stage cure rate increase, and 10% late-stage roll rate decrease. This partnership demonstrates how behavioral science-driven collections can deliver significant financial impact while improving customer relationships.
