Collections

Collecting payments is probably one of the toughest jobs in the world if not the toughest – especially in the middle of a pandemic when almost everyone has faced different challenges. For Global Dominion Financing Inc. (GDFI), it is clear that having a strong collections performance means having more opportunities to help even more Filipinos with their business expansion needs and financial management.

“The economy relies heavily on the strength of financial institutions, like GDFI, to restart business operations through funding, and revive various business transactions by making car ownership easier for Filipinos again,” GDFI Chief Finance Officer (CFO) Jeric Cornejo said. “And as a company that offers car financing and refinancing, I know that it was important for us to rise above in no time and take the lead!” he added. Despite the pandemic, GDFI continues to serve Filipinos via financing.

Through adjustments aligned with the mandate of the law, and by offering new and easier ways to make borrower repayments, GDFI managed to balance customer satisfaction and other key business performance indicators. The company’s non-performing loan (NPL) Ratio is a lot better than industry average for January to June of 2021. Meanwhile its expected credit loss (ECL) ratio has also improved during the first half of 2021.

GDFI Collections team virtually held their founding anniversary last September 2021 with reflections about how far they have gone through the years and how they actually help society as a whole. “We revisited our collection efforts and operations to identify ways to improved processes and cut handling time to the shortest possible,” GDFI Collection Officer Ariann Ugale shared. “While it wasn’t really easy, especially in the beginning, we saw how much happier our borrowers get whenever we give them more seamless payment reminders and when we accommodate their valid requests,” Ugale added.

While they don’t usually get the best of the borrowers’ moods, the collections team continues to strive to become better at building relationships. And instead of looking at the common struggles when it comes to collecting payments, they have encouraged themselves to see the beautiful impact of what they do, big-picture level. Here are some statements shared by collections team leaders during an interview:

“We are helping Filipinos as telecollectors thru our simple reminders about their payments before their due dates so that they don’t incur avoidable expenses. We also never miss a chance to express empathy to those who we know have gone through so much difficulties amidst the pandemic and we are happy that the BARO* law allowed us to help them. I believe that as telecollectors, we are not here just to collect payments but also to let them feel how much GDFI cares for them.” – Sharlyn Gonzales

* Bayanihan to Recover as One Act (R.A. 11494)

“We help by educating borrowers about the importance of timely loan repayments, and how it can help them improve their credit standing and their finance management. They asked for our help to finance their goals and dreams, so I think a little more information that can help them even further is a great bonus. Also, by listening to their stories and providing them all the repayment options, I know that we plentifully showcase our support to them even if we don’t really see them face-to-face.” – Maribel Macasinag

The entire GDFI collections workforce is on a hybrid setup – some virtual, and many on the field – scattered across the country to reach even the most remote areas and make payment and collections possible. Technology integration and partnerships with different payment platforms have also aided in making most of the payment during the previous lockdowns happen.

Customer Service

As one of the biggest financing companies in the country, GDFI has been helping families achieve their goals and dreams by providing innovative and accessible loan products and services, like car/truck collateral loan or car/truck refinancing (Sangla ORCR) and car/truck financing (both used and brand new). Many Filipinos, especially business owners, have been able to access financing through GDFI in ways that are convenient and fast. Approximately two thousand (2,000) individuals per month are being empowered by GDFI to own their dream cars or expand their businesses to catch up with the inevitable economic growth despite the impact of the existing medical crisis.

“We always say that at Global Dominion, service is the difference, and I still believe that this remains to be true. Aside from making sure that we reach out to more areas even at the time of a pandemic to ensure that we offer financing to those who need it to achieve their goals and dreams, we also make it a point to keep our employees and loan consultants happy so that they can pass on the joy in every task they perform at any given stage of our borrowers’ loan application journey,” GDFI Sales and Marketing Head Samuel Cariño stated.

By incorporating technology and augmenting processes in line with transactions that usually result in customer service support tickets, the team was able to improve the overall customer experience for the vast majority of its entire clientele. GDFI maintains a customer satisfaction (CSAT) rating of 80.92% based on its independent survey efforts, which is the highest since it started collecting feedback in 2019. Its net promoter (NPS) score soars at 73.28%, also the highest since it started tracking NPS prior to the pandemic. CSAT is a metric obtained from borrowers’ rating of the level of their overall satisfaction towards GDFI’s products and services, while NPS is a measure of how willing the clients are to recommend GDFI’s products and services to their family and friends with the total detractor ratio being deducted from the sum of the promoter scores.

Behind all of the satisfied GDFI borrowers are the organization’s employees, from sales & marketing, operations, and customer service! Complaints never cease to exist in any type of product and service provision, but GDFI guarantees that all concerns are handled accordingly and with empathy to ensure customer satisfaction and loyalty.

During the recently held customer service week, the company awarded customer favorites among its employees who have received commendations and accolades for going above and beyond. Here are some of the borrowers’ feedback to the team:

“Fast processing and approval, the staff are very accommodating and courteous and polite to their Clients and I am referring GDFI Valenzuela Branch headed by Sir Erwin and Staff. Good Luck and More Power!!!

“My experience with GDFI has been an amazing journey. Nothing but good comments with this company. Ms. LJ was very accommodating and helpful all throughout the process.”

“I will definitely recommend Global Dominion for my friends and relatives for future loans if any for the good services they provide to me.”

GDFI Customer Service team can be reached through these phone numbers (09178272742, 09257109222), or via an email to accountcare@gdfi.com.ph, or via its official Facebook page @globaldominionfinancinginc.

Celebrations!

Aside from the customer service week and the collections team’s founding anniversary, GDFI also celebrates its growing online community led by its official Facebook page with more than one hundred twenty-eight thousand (128,000) followers as of this writing – making it the most followed non-bank private financing company on social media! Flooded by #BastaLoanGlobalDominion, #ServiceIsTheDifference, and #GlobalPinoy, the page’s engagement is also through the roof proving how assertive the organization is, to reach more families as part of its purpose.

The organization also activated new branches in various locations across the country. To know more information about GDFI branches, just click here.

“Although the year hasn’t ended yet, we would like to express our appreciation to those who support GDFI this year, and hope that you continue to do so in the years to come. We have grown so much from our experiences and learned so many lessons, especially when the pandemic hit in 2020. And we assure the Filipino families that we will remain on our toes to offer you loan services that are fast and reliable,” said Patricia Poco-Palacios, GDFI President and Chief Operating Officer (COO).

For GDFI car collateral loan and car financing applications, click here.
For comments, questions, or suggestions, feel free to leave them in the text section at the bottom of this article, or email aoguanzon@gdfi.ph.