Our Leeds site has enjoyed a successful partnership directly with the primary loan provider for further education in the UK for five years. During 2014 the UK Government created a new outsourcing model (Debt Market Integrator) that controls the placement of Government owned debts.
A leading UK panel management company for debt solutions was awarded the contract via a protracted tender process and became the supplier of choice for the Government in terms of outsourcing functions and control for the DMI. The subsequent tender process for inclusion on the panel for outsourcing opportunities allowed Transcom UK to reveal our already successful, tried, tested and proven strategies and to agree commercials that would allow for the relationship to continue.
In December 2014, it was announced that Transcom had been retained as a partner for the client. Innovation was a key factor in our success; dialogue between the client and the broker had clearly referenced Transcom’s flexibility and adaptability to provide a service which demonstrated recognition of the client’s needs and our unsurpassed product knowledge. The innovation reflected actions taken in July of last year as we recognized the need for ‘out of the box’ thinking to increase revenue streams for the client and for our business. The customer base of this client comprises a blend of students who attended University in the UK but are registered as living overseas, as well as those who are registered as living in the UK. A large proportion of the work we undertake is located in Australia, New Zealand and the West Coast of America where extreme time zone differences exist.
We initially created a trial of 6am opening to capitalize on the Australian customers which has resulted in uplifting average cash collections for the client. The trial was then extended to include opening hours to 3am to capitalize on the West Coast of America which has continued to strengthen our collections and the client relationship. In October we were awarded 100% allocation based on our success. Let’s extend our congratulations and thanks to the dedicated team who embraced the changes and delivered some truly amazing results.