BOK Financial Reduces Mortgage Delinquencies with Varolii's Interactive Customer Communications Solution
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Varolii helps improve collections performance, even as United States mortgage delinquencies reach an all time high
SEATTLE, July 12 - Varolii Corporation, a provider of on-demand interactive communication solutions, announced today that BOK Financial has expanded its use of the Varolii platform to further improve collections performance. BOK Mortgage, a division of the $18 billion multi-bank holding company, is now using Varolii's interactive collections solution to reduce its mortgage delinquency ratio, after realizing significant operational improvements with its initial application focused on account overdrafts.
Since adding Varolii to its mortgage collections process, BOK Mortgage has realized a 12 percent reduction in its mortgage delinquency ratio, as compared to the same period in 2006, at a time when such ratios are rising nationwide. According to data compiled by Equifax and analyzed by Moody's Economy.com, mortgage delinquency rates hit an all-time high in the first quarter of 2007. The percentage of mortgages in default rose to 2.87 percent, surpassing the worst levels following the 2001 recession.
"Varolii has helped us improve collections performance and reduce costs in an extremely challenging environment," said Kenda Ewing, vice president of default, BOK Mortgage. "Additionally, working with Varolii continues to be collaborative and consultative. This makes our deployments fast and easy and helps us achieve measurable, sustainable results."
BOK Mortgage leverages the Varolii solution to automate much of the communications process around early stage delinquencies, enabling the company to focus its contact center resources on more complex, high-priority accounts. Additionally, as the solution is fully integrated into BOK Mortgage's contact center, customers can completely self-cure by transferring into the company's IVR at the point of making a payment, or select an option to immediately connect to a loan counselor to gather additional information.
"Before switching to Varolii, our loan counselors were tied to an auto dialer," Ewing said. "Now with Varolii, they are more productive and can concentrate on severely delinquent accounts. It's also making the process easier for our customers, as Varolii allows them to pay anytime - not just during regular working hours."
Varolii has worked closely with BOK Mortgage on deploying and managing the applications. A dedicated team guided the company through contact strategies, integrations and business logic, and message scripting to deliver highly personalized solutions that drive measurable results. Additionally, the team continues to monitor the solutions to identify any potential adjustments that can further improve collections performance.
About Varolii
Seattle-based Varolii Corporation (formerly PAR3 Communications and EnvoyWorldWide) is a provider of on-demand interactive communication solutions. Derived from the Pons Varolii, the pathway in the brain that unites intelligence and learning with the ability to communicate, the name Varolii evokes the blending of innovative communications technologies with knowledge, learning, and best practices. Enterprises across industries leverage these solutions to automate more of the communications process, resulting in improved operational performance and enhanced customer relationships. Varolii's multi-channel solutions deliver ongoing value based on its unique delivery model, which combines the convenience of SaaS with a fully managed services environment, an approach that ensures clients achieve an immediate, sustainable ROI. Varolii is headquartered in Seattle, WA with offices and data centers in Denver, CO; Chicago, IL; and Boston, MA. For more information visit www.varolii.com/.
About BOK Financial
BOK Financial has assets of $18.1 billion, loans of $10.7 billion and deposits of $12.4 billion. The company owns seven bank subsidiaries with operations in eight states and more than 160 locations, offers wealth management services nationwide and owns TransFund, the nation's 10th largest electronic funds transfer (ATM) network.
BOK Financial is a regional financial services company that provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. Holdings include Bank of Albuquerque, N.A., Bank of Arizona, N.A., Bank of Arkansas, N.A., Bank of Oklahoma, N.A., Bank of Texas, N.A., Bank of Kansas City, N.A., Colorado State Bank & Trust, N.A., BOSC, Inc., the TransFund electronic funds network, Southwest Trust Company, N.A. and AXIA Investment Management, Inc. Shares of BOK Financial are traded on the Nasdaq under the symbol BOKF. For more information, visit http://www.bokf.com/.
For more information:
Mary Anne Gunn
Varolii
206-353-0535
maryanne.gunn@varolii.com
Hally Wax
Text 100 for Varolii
206-267-2003
hallyw@text100.com
for Varolii Corporation
Source: Varolii Corporation
Web site: www.varolii.com/
http://www.bokf.com/
