CCR2 Public sector debt
This knowledge alone could drive a step-
change in both customer treatment and making collections financially effective as, crucially, the analysis can be conducted in advance of first contact, meaning a customer can be on the right path from the outset. An appropriate financial vulnerable
treatment path might involve actions such as a change in tone in communications (offering help and support), specialised agent treatments to improve affordability assessments, shorter placements and reduced recycling. Recent trials have indicated that, in these
cases, reduced activity (that reduces customer stress as well as cost to collect) has generated as much engagement from customers as a traditional treatment path (see Figure 2).
Outcome in mind To ensure that change is truly embedded, something else to consider for those who use third-party agencies to recover money owed is to look at the way they are incentivised. This may mean considering some
alternative ‘outcome’ based commercial models, that ensure success is not simply measured on cash collected, but on contact
September 2017
www.CCRMagazine.co.uk
rates, completed I&Es, account resolution, and so on. Financial vulnerability is only part of
To ensure that change is truly embedded, some- thing else to consider for those who use third-party agencies to recover money owed is to look at the way they are incentivised
the picture, however. Someone may have a blemish-free financial past and, actually, be financially able to pay, but a major life event has triggered a crisis that has left them unable to cope. This takes front-line staff into highly challenging areas, such as mental- health difficulties, illness and risk of suicide. To make headway on the treatment of
these highly vulnerable customers, some organisations have made some truly ground- breaking partnerships – for example, Macmillan and Nationwide Building Society who have worked together to develop, train, and implement a Specialist Support Service, aimed at assisting Nationwide’s more vulnerable members.
Conclusion In summary, it is imperative, by all measures – moral, financial, regulatory, and legal – to seek a way to improve outcomes on vulnerable cases and in this complex area and it will, invariably, demand that we all look to niche experts to provide assistance. CCR2
23
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52