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In Focus Collections


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people are speaking on the telephone or reading physical letters compared


to the number of people using their smartphones, tablets and laptops to experience real-time interactions.


Going global When I talk to professionals from everywhere in the world, I realise that the knowledge and continuous updating that I get from them is a strong competitive advantage, which allow me to create quick and effective solutions to daily issues and challenges. Even when tasked to structure complex solutions, as well as to develop strategic plans to drive the collections efforts, the solutions end up being innovative and often bring very positive results. Whenever this happens, I find myself


imagining the possibilities of what would happen if these expanded to be taken up by professionals on a truly global scale. I believe this is the moment when we have the chance to put a new model in place and create a big disruption in the collections industry. The macro-economic downturn in many


countries is creating big challenges around the world and, in turn, this increases the acceptance to the implementation of new solutions. It is also a special moment due to the


explosion of innovative fintech startups, supported by a large spectrum of new technologies that may be used to support the reinvention of the collections industry,


I believe this is the moment when we have the chance to put a new model in place and create a big disruption in the collections industry


which might be based on transnational solutions, processes, teams and companies, to do things faster, cheaper and better. The technologies currently available


allow the integration of knowledge, from different parts of the world. They also help in the breaking down of language and cultural barriers to expand possibilities through the integration of solutions and the creation of multi-site teams that can leverage their best skills, generating companies with infinitely greater possibilities. Cloud solutions are making communication


faster, which allows the management of global teams with a working experience that is very close to actual local interaction. In parallel, there are various alternative


channels to the traditional human telephone calls and physical letters, such as e-mail, SMS, WhatsApp, chat, social networks, website, mobile app, virtual agent, and IVR. These can all make the collections


process more user friendly and flexible for delinquent customers, allowing the choice of the preferred negotiation channel.


Conclusion Customers will no longer accept intensive calls and threats as a stimulus for the payment of debts. In fact, these practices are becoming increasingly risky in a connected world, where customers use social networks to share their experiences – both good, and bad. So listen to your customers and focus on


their needs in order to achieve an agreement on a solution that will support the payment of their debts and return them to being active and loyal customers. It is also important to be alert to new


developments in neural network technology and artificial intelligence, supported by analytics, which are becoming ever-more complex. Also a multitude of information from big data, which is creating new possibilities, such as the replacement of the collections contact centre and strategy- management teams and processes. During the last 12 months, I dedicated


myself to creating an ever clearer and deeper vision of the future possibilities in the collections market. As this is a topic of which I have great pleasure in exchanging experiences, as well as supporting global contemporary thought exchange instead of pure competition, I would be pleased to hear from any fellow readers about your experiences. CCR


Debt Collection, Asset Recovery & Legal Enforcement.


Legal partners you can trust.


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Call Marie Moffatt on 01293 596900, for details of our competitive pricing plans. Or email: marie.moffatt@stevensdrake.com


@stevensdrake www.CCRMagazine.co.uk February 2016


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