BOK Uses PAR3 System to Minimize Charge-Offs
As part of an attempt to increase its customer contact rate and reduce account charge-offs, both while decreasing its overdraft operating expenses, mortgage originator and servicer BOK Financial Corp. has enlisted the services of Seattle-based PAR3 Communications, a provider of enterprise customer communication systems and business continuity notifications.
The FDIC reported $32.8 billion in service charge income in 2004. While these fees account for a significant banking revenue stream, many result in account charge-offs and negatively impact customer satisfaction. To help combat the increase in overdraft fees while reducing account charge-offs, BOKF partnered with PAR3 to contact overdrawn homeowners and encourage them to deposit sufficient funds to cover the deficit.
"PAR3's solution has allowed us to successfully reach nearly four times as many overdrawn customers than before, at a fraction of the cost," said James Morris, senior vice president of customer service for BOKF. "Most importantly, our customers appreciate receiving the notifications before fees escalate and having the ability to quickly address the problem." (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com