Debt recovery done better with Dazychain
More than 80 organisations came together to become the Bendigo and Adelaide Bank Group, an Australian owned, top 60 ASX listed company, with more than 99,000 shareholders. Bendigo and Adelaide Bank has assets under management of more than $65.7 billion and market capitalisation of around $4.6 billion. Bendigo and Adelaide Bank is Australia’s fifth largest retail bank, with more than 7,200 staff helping 1.6 million customer to achieve their financial goals. Bendigo and Adelaide Bank’s vision is to be Australia’s most customer-connected bank.
Prior to using Dazychain, Bendigo and Adelaide Bank’s different enforcement and recovery teams ran multiple debt recovery actions across multiple platforms and communication systems.
There was no centralised, uniform process which led to:
- Duplicate efforts, process, actions and documents
- Decreased productivity
- Inconsistent processes and communications
- Difficult, resource intensive efforts to isolate costs
Workflows originated from multiple different sources which resulted in:
- Difficulty prioritising and allocating resources and matter management tasks
- Accounts that were frequently actioned by different team
The Dazychain Experience
By centralising their workflow on Dazychain, Bendigo and Adelaide Bank has provided their teams:
- More robust file management of borrower files
- Better view of spend at external firms
- Isolation of legal costs on each file for easy reporting
- Real time progress updates for internal teams and providers
- More efficient allocation of work and staff use
- Greater data integrity and less double handling of information
- Easy recognition of invoices against fixed price schedules
- Increased visibility into workload improved ability to manage resources
“We achieved remarkable results implementing Dazychain to manage our workflow processes.”
Bendigo and Adelaide have seen task completion times drop significantly. In some instances, tasks have been completely eliminated due to improved team member visibility into the matter management process.
- Reduced collections from 150 to 130 days
- Estimated saving up to 110 hours per month
- Improved communications and file management
- Better data integrity
“It is important to note these are trends we are seeing across the collections timeline, not just legal.”
Boost in productivity
“Our team loves having a central system for all of their tasks and oversight of everything that’s happening on a file. It’s been great to have instantaneous updates from our solicitors and for our solicitors to have the same. The team also likes how user-friendly the system is!”
A centralised system simplifies matter management, improving productivity, efficiency and morale. Visibility into projects and clear task assignments have eliminated duplicate efforts and improved completion times and rates.
Both teams and their individual members are able to meet their service level agreements each day, even when the team are experiencing reduced capacity.
Streamlined collaboration with external teams
“All communication and information is in one place. Providing instructions to solicitors and receiving their communication back automatically updates our records in the system.”
Bendigo and Adelaide’s debt recovery teams were communicating with numerous external solicitors across multiple platforms, systems and internal teams. The inconsistent collaboration processes created confusion, duplicate efforts and missed deliverables.
Now that their collaboration efforts are centralised on Dazychain, relations between all team members have been vastly improved. Solicitors can easily view matters and tasks assigned to them while Bendigo and Adelaide team members can access real time information on worklist action items.
“Dazychain’s ability to hold documentation has led to the removal of hard files managed by the team, reducing paper and printing – some files were over 250 pages – saving storage and archiving costs.”
In addition to the savings from reduced administration time, increased efficiency and productivity and improved morale and relations with team members, Bendigo and Adelaide has also experienced significant savings from centralising their documents on Dazychain. And of course, the elimination of duplicate efforts has resulted in additional spend control.