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New Web-based technology in combination with special customer-service training for our associates has transformed Bank of America’s collections and fraud
protection activities into a loyalty-building
program that helps customers manage troublesome debt and protect their accounts by identifying and preventing credit card fraud. This innovative focus on operating
excellence has improved collections while increasing
customer satisfaction and retention, resulting in stronger relationships overall.
Listening to our customers is the best way we know
to create the solutions they need. Customers with past-due
accounts told us that they wanted to use the Internet to
arrange their debt payment programs. Our Consumer Risk Operations group responded by creating the industry’s first self-service collections Web site, myeasypayment.com.
Customers are also able to use Bank of America’s innovative voice-response technology to conveniently arrange
payments over the phone 24 hours a day.
These self-service approaches provide customers
managing past-due debt with exactly what they want:
convenience and a degree of anonymity. Providing both,
myeasypayment.com processed approximately $335 million in online delinquent collections payments in 2005.
The rapid implementation of myeasypayment.com demonstrates how the bank applies a broad range of core operating strengths to leverage growth and provide customers with the service they want and need. In this case, excellence in customer service, technology, process control and the ability to manage scale were combined to turn delinquent
collections, often a negative for both customers and the bank, into a tool that instead increases customer satisfaction and retention as well as the bank’s profits.
To boost customer satisfaction even further, the
collections staff is motivated to provide help, not necessarily
to maximize immediate collections. Customers managing
debt respond better to associates who are focused on helping and who derive job satisfaction by assisting customers with meeting their payments.
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Customers can conveniently arrange payments on the bank’s new
self-service collections Web site, myeasypayment.com. The site has increased customer satisfaction and retention while processing
$335 million in delinquent collections payments in 2005.
With an innovative, relationship-focused collections philosophy, Bank of America helps customers deal with and find solutions to manage their debt issues. When we stand by customers in difficult times, those customers are more likely to remain loyal to us when times get better.
Bank of America has applied its success in collections to its fraud protection business by launching
myfraudprotection.com. When customers log on to the
service, they can review recent credit card activity on their accounts to monitor for any unauthorized usage. In addition, the site provides tips to help customers identify fraudulent activity and provides suggestions for them to protect themselves. In 2005, use of myfraudprotection.com generated more than 49,000 Web hits; conversely, overall fraud calls dropped, enabling Bank of America associates to concentrate on more complex fraud issues. 
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