Managing Collections in the New Economy
- Providing More Flexible Workout Options – The goal is to address each customer’s situation individually and look for opportunities to preserve communication channels, payment streams and the relationship.
- More Automation – The goal is to increase productivity and reduce operating costs. Collectors can work more accounts which typically reduces delinquency and increases collections. Automated Letter/Email/Text Campaigns free up collectors to work more accounts.
- Increased Use of Behavioral Analytic Data – The goal is to work the right accounts at the right time yielding more tangible results.
- Increased Risk Management – The goal is to notify collectors real-time about important customer/account characteristics, manage legal/regulatory compliance items automatically, track/evaluate collateral constantly and automated interfaces to value added third-party vendors supporting these categories.
- More Centralized Collections – Managing the relationship at the customer level, rather than line of business is more efficient and increases customer satisfaction.
- More use of Performance Reporting – Providing real-time performance reporting to collectors/teams helps to motivate the staff and illuminate opportunities for training.