INTENTIONAL TRANSFORMATION:
VERVENT SERVICE
Enhancements
In recent years,
Vervent has been experiencing high growth and intentional transformation. There are the more obvious aspects – like adding additional solutions for our clients – but many of these changes were the type of structural, future-focused thinking that allows Vervent to consistently outperform in the lending-as-a-service industry and better serve our industry-leading partners.
STATE OF THE ART OPERATIONS CENTERS
Vervent is the gold standard for everything from Customer Service and Call Centers to Loan Servicing and Credit Card Servicing. Our state-of-the-art, geo-redundant operations centers are the key to that success. We’ve more than doubled our call center capacity by adding operations centers in Sioux Falls, SD and Longview, TX, which gives us coverage across time zones and access to diverse agent pools. These supplement our nearshore operations center, a cutting-edge 1100+ seat call center in Baja, just 30 minutes from our headquarters in San Diego.
In-house recruiting combined with proven training systems produce a high-quality, experienced workforce with agents who provide the highest levels of customer service. We maintain a 15:1 agent-to-supervisor and agent-to-QA rate. Artificial Intelligence tools allow us to record and monitor 100% of customer interactions, resulting in objective, actionable training tools and agent metrics. This allows us to deliver over 99.5% uptime, a less than 4% abandon rate, and a 76% future payment kept rate.
We completed a down-to-the studs Portland remodel including technology and data security. We’ve also added two fully-customized, state-of-the-art data centers to support our IT needs. This allowed us to move all of our servers in-house, creating a fully redundant, mirrored system. This server system tightens our digital security and allows for greater agility in servicing platforms and reporting.
Powerful Platforms & Cutting Edge Tech
We’ve upgraded our servicing platforms with integrated workforce management tools, chat QAs, and omnichannel communication tools that are customized to fit your servicing needs. We have a suite of tools at our disposal, including a custom-built grouping of SaaS tools, industry-leading servicing platforms, and system-wide AI overlays.
Vervent’s bespoke systems are agile, secure, and fully compliant with all the latest regulatory changes in the industry. They are also customized by servicing line – loan, lease, credit card, customer service – to ensure that we are providing the best options to support our clients’ business and customers.
We’ve also upgraded our Call Center Communications platform, ensuring that our agents have a seamless, intuitive platform from which to provide service.
All these strategic changes have set the stage for us to include predictive modeling for skills-based routing, smarter agent assignment, additional communication channels, and better strategy in the breakdown of voice/nonvoice operations in response to workflow – all while exceeding current client commitments. 85% of calls are answered in under 20 seconds, and our average speed of answer is under 18 seconds.
Industry-Leading Talent
Vervent has been highly successful at incorporating and empowering strategic, future-thinking talent in every business line and at every level. Key talent has been both fostered and recruited, resulting in a leadership team with a depth of experience unparalleled in the FinTech space.
Under this leadership team, Vervent has scaled rapidly and sustainably, restructuring teams in several key areas including client service management, business intelligence, project management, compliance, product management, and nonvoice operations. These opportunities have allowed Vervent to develop a highly skilled, proactive team, evident in our high rate of internal promotion and seamless interdepartmental cooperation.
Our Compliance Team has always been a cornerstone of our business, and we’ve expanded it, adding members with decades of specialized experience. Vervent maintains 136 active licenses to conduct our clients’ business in a fully regulatory and compliant manner in all 50 states, Mexico, and Canada. We also have a 20:1 compliance to customer-facing staff ratio which, combined with our system-wide AI and agent platform improvements, has allowed our team to be decisive and proactive in every aspect of Vervent’s business.
Our Compliance team plays an integral part in our yearly all-staff training which keeps Vervent up-to-date with the latest industry changes. They proactively monitor new regulations and agent metrics, which allows them to implement new and ongoing training in partnership with our proven training team – anticipating or correcting prior to potential Compliance issues.
With all our recent scaling, Vervent proactively developed our Project Management Team. They’ve built out and implemented a robust Workfront platform, improving cross team communication, streamlining workflows, and offering the support and coordination necessary to keep projects on track and on time.
Our Client Service Management (CSM) Team was expanded to improve coverage, giving clients a single point of contact for best-in-class servicing. Each of these solutions-driven team members has access to a wide variety of tools to meet client needs. Having a dedicated resource to support your business ensures that client accounts have the highest level of servicing possible, allowing us to discover opportunities for improvement and solve problems quickly and efficiently when needed
Our Nonvoice Operations Team has been strategically disbursed amongst our locations for increased coverage and geo-redundancy. The team has implemented higher standards for checks and balances and automated processes that are prone to human error. We also added a layer of management – a dedicated position to increase strategy and responsiveness in our Lease Management line of service.
Agile Reporting Tools & Business Intelligence Support
Our powerful Business Intelligence Team released the Performance Navigator, a high-powered client dashboard that offers improved reporting and a client self-service interface. Updated in almost real-time, it provides powerful, customized reporting, including extensive client and call data and on-demand reporting for our Loan, Lease and Customer Service clients. We are excited to be able to expand this service to our Credit Servicing Clients in Fall of 2022. This team supports many initiatives offering high-level value to our clients including handling error reports through our business intelligence analysts — something no other servicer does. By utilizing this specialized team, reported errors and client requests do not get queued up to wait on IT and they are resolved quickly and expertly.
This leaves our IT Team free for some incredible projects. Utilizing cross-team resources, we updated the Vervent Borrower Portal with a new, more intuitive design. Customers can make payments and see the balance of their servicing in real time, with customization available for our white label clients. The streamlined, easy-to-use interface created more opportunity for self-service and increased clarity about payments and servicing terms.
The addition of Vervent Card and the acquisition of Total Card in late 2020 led Vervent’s IT Team to recruit our Mobile App Team. Within months, they launched our first full-service mobile app for Total Card. Not long after that, the Revvi Card mobile app launched, as well as with two new mobile apps for our clients. The speed to market and cross-team lift here cannot be understated – our first app was developed and launched in only 4 months. Internally, IT has implemented high-value enterprise-level communication tools ensuring operational efficiency across teams and time zones.
Expanded & Enhanced Lines of Service
Responding to patterns in industry demand and client needs, our Sales & Marketing Team, in coordination with internal teams, has identified new solutions and expanded existing solutions to enhance the way Vervent supports clients. Using frontline information and deep industry knowledge this team led us to proactively augment existing services like Verifications and Application Processing, and add new lines of service, including Inventory Backup Services and Full-Service Credit Card Program Management.
On the direct-to-consumer side, we’ve expanded our Credit Card Marketing and Acquisition Services. With the addition of Vervent Card’s expertise, we’ve expanded our Credit/Risk, Marketing, and Product teams, added market research, and stepped up our cross-team solutions to create interdepartmental partnerships with exceptional results. We currently provide credit card servicing to over 1.4 million active accounts, have expanded the Total Card Visa brand, and launched our first fully-managed credit card in Revvi.
Accelerated, Sustainable Growth
In 2021, Vervent had over $115 billion in assets under management. Rapid growth is a hallmark of our business, however because we’ve been strategic, Vervent is in an excellent position to expand. We’ve continued our drive to grow into Latin American and Canadian markets, finalizing establishment of our Mexican operations, to be able to offer support and servicing there.
Each of the initiatives is setting the foundation for new, exciting services while simultaneously allowing us to better serve the needs of our long-time business partners.
