Account Acquisition: Equifax Helps Utility Streamline and Simplify
When your company already manages more than 200,000 accounts, it’s hard to keep current customers happy while attracting a new client base. That was the problem facing a southeast utility company. Unfortunately, the legacy system it currently used was slowing down the process, taking too much time and potentially missing out on prime customers. When the utility turned to Equifax, a comprehensive plan was put in place to speed up the process and create easier rules and score cuts to help the utility max out account acquisition and savings concurrently.
The utility’s call center was responsible for handling all new gas and electric utility requests. But when equipped with an old fashioned method of manual input and often inconsistent outputs, the process was slow and arduous. The utility needed a way to quickly edit rules for seasonal promotions while allowing for faster, more efficient entry and deposit calculation for speedy, uniform results.
Equifax suggested two specific products as a way to create faster, more efficient processing as well as simplify promotional rates. First, InterConnect for Communications & Utilities was introduced — it’s an industry-specific method for data collection and connection. When the new customer’s information is entered by the call center employee once, it’s then connected with data from the Equifax Small Business Exchange and consumer credit database. Once all data has been collected, InterConnect takes the information into consideration to levy an instant credit decision, along with a deposit amount — which means no more manual calculations and inconsistent results during the account acquisition process.
The utility also chose to use the Rules Editor module. It’s a simple, easy way to change things like score cuts and business rules across the board. This was a perfect way to implement seasonal promotions without changing rules manually in the system — with just a few clicks, Rules Editor was able to make the changes to help entice new customers and streamline account acquisition during promotional pushes.
The utility saved an estimated $50,000 in the first year of using InterConnect. It’s clear that implementing more consistent approval processes can take some of the legwork out of attaining and processing new customers. It’s a big problem that can have a simple solution, thanks to better data and the ability to make quick changes. By creating a positive and efficient experience from day one, you not only catch new customers, but you get to keep them by engendering loyalty and a positive experience from the start.
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