How National Fidelity Financial Increased Customer Retention 1100% with Coordinate
The Challenge
National Fidelity Financial is a leading financial services provider that helps people and businesses get out of debt. They do this by negotiating with creditors on behalf of their clients to get a lower interest rate or to settle the debt for less than what is owed, and by providing loans to help clients pay off their debt over time.
Given the sensitivity and urgency of their financial situation, NFF’s clients are acutely anxious. For this reason, client responsiveness is critical to the overall service NFF provides.
Historically, NFF employed a large number of client service representatives whose sole responsibility was to field client inquiries via phone and email. While workable, this approach had two major drawbacks.
- Clients often wouldn’t have their questions answered immediately because NFF’s agents were only available during business hours. This caused clients to drop off, resulting in lost business for NFF. Secondly, employing a small army of agents is expensive. The result was a significant negative impact to NFF’s revenue and profitability.
- NFF needed to find a more efficient and client-friendly solution. Over time, the executives at NFF noticed that as technology (phones and software) improved, their client’s preferences also changed, resulting in heightened expectations for the level of service and software they were provided.
Systems Disqualified or Replaced
The Solution
With Coordinate, NFF’s clients now have access to a client portal that displays all of their open accounts and balances, as well as payment history. This self-serve transparency gives NFF’s clients the reassurance they need, driving increased client retention and a huge reduction in burden to NFF’s client services team.
Within 48 hours of signing a contract to work with NFF, NFF’s clients get access to their project in Coordinate which shows them a Welcome kit, a roadmap for their custom program, and every credit card they’ve enrolled. Additionally, their bank balances and next payment due date are also shown.
Importantly, NFF's clients also get access to chat for support. NFF’s SLA is to provide a response within 24 hours, but with Coordinate they’re routinely able to do so within an hour.
Highlights
- 1100% increase in client retention
- Projected X% increase in revenue
- Reduce customer support headcount, yielding $X savings annually
John Mallinger, COO National Fidelity Financial
“We tried building a custom portal. It was a constant work in progress that literally never ended. We tried for years and eventually abandoned the effort after tens of thousands of dollars spent.”
“It will take a few more months to measure the full impact Coordinate has had to our business, but I already know that it’s going to be huge.”
John Mallinger, COO National Fidelity Financial
“There are so many scams nowadays. It’s harder to reassure clients. Coordinate helps reassure our clients that our business is legitimate. And I can’t tell you how huge that has been for our business.”
About CoordinateHQ
CoordinateHQ helps you make your high-value customers successful.
CoordinateHQ ensures alignment and accountability throughout the customer life cycle.
Other benefits realized:
- Shorter time-to-value as your customers onboard faster
- Less risk from team handoffs and turnover of both your team or theirs
- Never lose track of renewals or expansion opportunities
- Make better decisions with accurate visibility into each customer’s health and status
If you're interested in learning more, you can setup a demo with our team here.
