Helping customers who have fallen behind on payments get back on track is at the heart of an intimate and dynamic partnership between Swedbank and Intrum Justitia. One result is that Intrum now has a “bank office” on its premises.
Swedbank, one of the largest financial services groups in the Nordic region, has outsourced the management of late payments to Intrum Justitia. The solution provides the bank’s clients with better service, and is more efficient and trims costs for Swedbank.
“The most important thing, however is to provide our clients with support when they find themselves in difficult circumstances and, even better, make sure they never get there,” says Gunilla Brette, Swedbank’s head of Swedish Lending products.
The collaboration started in 2010 and has expanded over time. Today Intrum Justitia supports Swedbank during the entire process from management of reminders to payment demands; assisting management at every step until each case is resolved in some way. The communication with the customers is done under the Swedbank brand until the collection stage when Intrum Justitia communicates under its own brand.
“The purpose of a process like this is to find a solution for the customer that works for both the customer and Swedbank. This is about helping individual customers regain their payment ability rather than simply collecting outstanding debts,” says Jonas Ramstedt, Sales & Marketing Director at Intrum Justitia in Sweden.
That approach in combination with Intrum Justitia’s expertise and market leading position were crucial factors when Swedbank first chose to work with Intrum Justitia and later to expand the co-operation.
“We share the same basic values including the ambition to contribute to a sounder and better functioning economy and financial situation for households and businesses which is very important for Swedbank,” says Gunilla Brette.
As a consequence of the co-operation some staff has transferred from Swedbank to Intrum Justitia and today Intrum Justitia has a small, separate “bank office” at its premises in Stockholm with five to six people.
“This is primarily as a result of security and integrity issues. When you are involved with some aspects of what we do for Swedbank you only do that and we have a special closed-off section due to the nature of the information we handle,” says Jonas Ramstedt.
Intrum Justitia's ability to scale the resources needed to serve Swedbank’s customers is one part of the win-win situation, as is an on-going process and product development.
“Although we are a big bank we will never have the scale Intrum has to be efficient and also improve and fine-tune the process all the time. They are the experts in this field,” says Gunilla Brette.
One long term ambition is to improve the reminder process and make it more accessible to the customer via digital channels like e-mail and mobile apps.
On a yearly basis, Intrum Justitia handles between 200,000 and 300 000 reminders and 10 000 collections for Swedbank which has more than one million customers who have loans.
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