In Focus Consumer Credit
What are the prospects for true optimisation in the industry?
Technology such as AI and chatbots are starting to become a standard part of the collections industry, but can their usage be put into a wider structure of optimisation. CCRMagazine and FICO brought together a range of senior professionals to discuss this question, and more. They were: David Sheridan, operations director, ARC (Europe) (DS); Dawn Stobart, director of debt management, CAP (DST); Richard Koch, director, cards and consumer credit, UK Finance; John Preston, head of billing, collections and revenue assurance, Tesco Mobile (JP); Perry Burns, managing director, Working Capital Partners; Liam Burke, senior associate partner, FICO; Richard Kernick, head of risk strategy, Santander Consumer (UK); Frank Horvath, managing director, Link Financial Outsourcing (FH); Bruce Curry, EMEA collections & recovery business lead, FICO (BC); Karan Burman, associate director, Shawbrook Bank; Russell Barrett, head of collections, ezbob (RB); Trevor Garside, head of mortgage services, Leeds Building Society; Richard Haymes, head of financial difficulties, TDX Group; Mark Webb, chief operating officer, Advantis Credit; Clive Moore, chief risk officer, Saffron Building Society; Peter Wallwork, chief executive officer, Credit Services Association; David Pickering, chief executive, the Lending Standards Board; Nick Cherry, chief operating officer, Phillips & Cohen (NC); and Andrew Jackson, head of collections & recoveries, Funding Circle
data and analytics, for example service-level agreements (SLA). If you have an SLA around how you will
manage accounts – such as the mimimum attempts and letters per account – how you adopt optimisation may be rather rigid, because you have to work within the agreement. The approach will, therefore, vary based
upon the principal business model of the company in question, together with its familiarity and use of data and analytics within its business. What has struck me most over the past
five or six years has been the focus on regulatory change, binding the industry to put customers at the heart of their business model and engage with them with a mind-set of finding solutions, as opposed to consequences.
Overall there has been a move towards
adopting solid customer service operating standards. This is driving significant change within the collections industry. Today, customer expectations have now
If you have an SLA around how you will manage accounts – such as the mimimum attempts and letters per account – how you adopt optimisation may be rather rigid, because you have to work within the agreement
increased through their other service experiences and interactions in their day-to- day lives. Millennials do not have the same
attitudes to debt as previous generations – around issues like ‘save and pay for it’ or ‘get now and pay later’ – and see debt as a way of life. This represents a really tremendous
opportunity for forward-looking firms within collections to tap into and find better ways to communicate with customers because the number of people who engage with collections agencies is still comparatively low.
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Left-right: Frank Horvath; John Preston; Liam Burke; Mark Webb; Nick Cherry May 2018
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