Navigating Change: How Fairstone Modernized Collections For Today’s Consumers

Fairstone Bank and its subsidiary, Fairstone Financial Inc. (“Fairstone”), form a leading consumer lending group.  Collectively, they offer credit cards and rewards programs, point-of-sale financing through merchant partners, automobile financing via dealerships, and unsecured and secured personal loans and mortgages online and in 250 Fairstone branches coast to coast. 

Navigating Change: Modernizing Collections For Today’s Consumers

Fairstone, a leading consumer lending group with nearly a century of lending experience, faced a timely challenge in adapting to changing consumer preferences and reducing delinquencies.

They recognized that busy, evolving consumer lifestyles made reaching and engaging past-due customers challenging and that aversion to traditional communication methods, such as phone calls, was growing.

In response to these challenges, Fairstone wanted a modern, efficient, and less intrusive solution to streamline the collections process for their internal teams and customers.

Fairstone chose Lexop as their collections software for a few important reasons:

1. Digital Communication Channels: Aware of shifting communication preferences, Lexop's platform allowed Fairstone to automate reminder sequences to their customers via email and SMS.

2. Self-Service Payment Process: The convenience of Lexop's integrated payment portal within the email communication helped customers self-serve and make payments faster.

3. Positive Customer Experience: The shift to less-intrusive past-due reminders and offering a digital repayment experience enabled customers to pay their late bills without speaking to an agent.