SAV-Financing is a finance company from Finland that has been working for over twenty years. They are known for their trusted solutions in credit and financing, helping more than 150,000 people in Finland.
Their main challenge was to add new reminder channels to SAV’s existing reminder process. It was very important to keep costs low and continue recovering payments efficiently without making customers unhappy. In the finance world, it's important to be both efficient and effective.
The Challenge
SAV-Financing wanted to implement new channels for the early stage payment reminding and make these soft reminders more automatic. The goal was to help prevent problems with collecting payments and keeping costs down. They needed a system that could send multichannel reminders automatically but also make this reminder process frictionless with SAV-Financing's existing tech stack.
"In these challenging financial times, we have to make sure to use multichannel reminders to reach all the debtors and use enough automation to help us stay competitive."
Says SAV-Financing CEO Harri Kalliokoski
The Solution
On-Time, a company that makes multi-channel payment reminder systems, was the answer. About two years ago, On-Time and SAV-Financing started working together to change how SAV-Financing reminds people to pay. They used modern REST-API connections for easy integration with SAV-Financing's loan management system. This allowed SAV-Financing to send reminders in a way that suits each customer, using SMS, email, and now automated phone calls.
"We are thrilled to work with a company like SAV-Financing which wants to use multichannel communication and modern technologies to automate processes, that in common sense, should be automated."
Says On-Time’s Head Of Product and Customers Jon-Erik Talvio
Implementation
Setting up the system was frictionless for SAV-Financing, with only a few meetings needed to plan on how to integrate the new system. This showed how efficient and effective On-Time's solution was, letting SAV-Financing fully automate its payment reminder process.
"The easy integration and personalization of the reminder system have gone beyond our expectations, becoming a key part of our efficiency."
SAV-Financing’s Harri Says.
“On-Time shared with us a lot of data-based experiences and best practices that helped us to quickly build a very efficient multichannel soft reminder process.
In my opinion, this is a classical example how onboarding should be done.”
Harri continues.
Results
After thousands of reminders each month going through On-Time's system, SAV-Financing has kept up excellent payment collection rates and improved its operational efficiency.
The automated system using multiple communication channels has made sure reminders are delivered on time, making customers more satisfied.
"We would not continue the partnership or recommend the service if results weren’t this good."
Harri from SAV-Financing states
Customer Feedback
SAV-Financing is very happy with On-Time's system. Not least because their customers like the way they actively remind them. There is close to zero negative feedback about the reminders.
"Working with On-Time has completely changed how we remind people to pay, helping us collect payments efficiently while keeping costs down.
And most importantly, our customers seem to like this way of reminding."
Continues Harri from SAV-Financing.
Future Plans
SAV-Financing plans to keep working with On-Time, adding fully automated phone calls to their reminder process. They also want to use data analytics to make their reminders even better, keeping SAV-Financing at the forefront of financial solutions.
“We can truly recommend On-Time if you want a fully automated and modern system for multichannel payment reminders.”
SAV-Financing CEO Harri Kalliokoski ends.
