Tell us a little about Oakbrook and your relationship with your customers.
Oakbrook is a trusted provider of personal loans, focused on empowering our customers with financial solutions tailored to their individual needs. Our relationship with customers is built on transparency, flexibility, and trust. We aim to provide seamless experiences throughout their financial journey, ensuring they feel supported and valued.
Can you discuss Oakbrooks’s partnership with Acquired.com over the past few years?
Our partnership with Acquired.com has been instrumental in modernising our payment processes. We began with implementing their online payment portal, which provided a user-friendly and secure way for customers to make repayments. As we saw the efficiency and reliability of the platform, we expanded our collaboration to include call payments, enabling our customer service team to process payments directly during customer interactions. A few years later, we added Pay by Bank to further simplify and enhance the payment experience. This progression reflects how Acquired.com solutions have grown alongside our needs, helping us streamline operations and offer customers multiple convenient ways to manage their repayments.
What specific features or benefits have you found most valuable in working with Acquired.com?
The intuitive dashboard and comprehensive reporting tools from Acquired.com have been pivotal for streamlining our operations. The seamless integration with our systems has removed friction, while robust fraud detection instils confidence in both us and our customers. Moreover, the platform’s adaptability allows us to customise payment solutions to align with varied customer needs.
The team at Acquired.com has been a pleasure to work with—always responsive, supportive and efficient. Managing payments has become simpler, thanks to their insightful dashboard and user-friendly transaction search functionality, which is notably better than other platforms we’ve used. The combination of innovative technology and exceptional service has been beneficial for us.
Can you describe how Acquired.com’s partner-based approach (reporting, analysis, account management, etc.) has impacted your overall payment strategy?
This has enabled us to gain deeper insights into customer payment behaviours through detailed reporting and analysis. Acquired.com’s proactive account management ensures we stay ahead of potential issues, and the collaborative support has allowed us to fine-tune our payment strategy to maximise efficiency and customer satisfaction. This hands-on partnership model is a key factor in our success.
Why did Oakbrook decide to use Pay by Bank, and what challenges were you looking to solve with this solution?
We adopted Pay by Bank to provide a more direct, secure, and cost-effective payment method for our customers. We aimed to reduce the dependency on card payments, lower transaction fees, and address late payments by simplifying the process. Customers use Pay by Bank for various scenarios, such as setting up repayments directly from their bank accounts or settling missed payments quickly without needing additional credentials.
How has Pay by Bank impacted your collections process, particularly in terms of reaching customers who have previously missed or failed payments?
Pay by Bank has had a positive impact on our collections process, especially in helping us reach customers who have previously missed or failed payments. Its simplicity and real-time nature make it easy for customers to settle their balances directly from their bank accounts, reducing delays and increasing engagement. At Oakbrook, we are actively looking for ways to further improve the operation of Pay by Bank internally, including making it more visible and accessible to our customers from the platform. By enhancing its visibility, we aim to encourage more customers to use this efficient payment method, which benefits both them and our operations.
Looking forward, how do you see the role of Pay by Bank in your collections strategy evolving?
Pay by Bank will continue to be essential for our collections strategy as we aim to enhance convenience and accessibility for our customers. As digital banking evolves, we foresee Pay by Bank playing a pivotal role in reducing payment friction and improving overall recovery rates.
Interested in learning more about Pay by Bank? Chat with our team.
