First National Bank chose Online Resources’ Virtual Collection Agent to provide a fully compliant, 24×7 online customer service and collection environment for its more than 2 million bank cardholders.
First National Bank will have the flexibility to scale its debt recovery efforts in response to their changing business and market needs, without adding labor costs. For example, by using integrated consumer analytics and a full suite of payment processing capabilities, the bank will be able to maximize results through real-time adjustments to their collection strategy, such as introducing new payment plan offers.
With this agreement, Online Resources provides its collections service to 12 US card issuers, with some clients seeing reductions in credit card charge-offs by 10% or more and recovering over $40m in delinquent debt per month.
Robert Craig, executive vice president and general manager of eCommerce services at Online Resources, said: “As a long-time credit card industry leader, First National Bank understands the considerable value that technology brings to each stage of the cardholder relationship, including the collections stage. We are pleased to work with First National Bank to enhance their robust credit
card services with our Virtual Collection Agent.”
