In Focus Risk
Ready for GDPR?
As the 25 May deadline approached, CCRMagazine and Ascent Performance Group gathered a group of senior professionals to discuss the opportunuties and concerns of GDPR. They were: Gary McCready, commercial strategy and analytics director, Dixons Carphone (GM); Martin Parr, senior credit professional (MP); Russ Barrett, head of collections, ezbob; Peter Malarkey, financial care manager, CYBG; Christian Jacob, managing director, Qualco UK (CJ); John Burke, credit risk manager, Cadent; Charlie Moore, credit risk manager for recoveries, Sainsbury’s Argos; Thomas Chapman, senior manager, collections and recoveries strategy and analytics, Shawbrook Bank (TC); John Davies, chief executive, the Just Loans Group (JD); Andrea Baker, global director of credit and collections, Inmarsat (AB); Liz Thompson, head of compliance, Lending Standards Board; Mark Higgins, chairman, Ascent Performance Group (MH); Alan Brown, credit manager, BP Oil UK; Atul Vadher, senior credit professional; Patrick Langley, group credit manager, CMS Distribution (PL); Katie Woodiss-Field, group credit manager, Vink; and Rachel Vann, group digital & transformation, Lloyds Banking Group
TC:My concern, in an age when people are increasingly worried about their privacy and online footprint – is that the right to be forgotten becomes a popular option that people learn about on the Consumer Action Group-style websites and exercise in an idle fashion. Outside of the previous comment around potential customer detriment, too many applications at this stage could manifest as a denial of service attack of sorts. Much like the PPI online generator sites, it would not take too much imagination to setup a website where a given user filled out a few fields that ultimately translated into an e-mail to a former provider. Let us just hope then that customer satisfaction levels remain high!
What are the big challenges and opportunities in this changing world of collections? CJ: If you look at the collections industry, and if you asked any of our debt collection panel, or a master servicer like ourselves, then you will find that we are all prepared
for GDPR, and we also understand what is expected of us. There are many scenarios where the data owners invest far less in technology-based solutions than do their suppliers. So we can talk of voice analytics, which are implemented in recovery agencies, but are hardly ever implemented within the clients themselves. Agencies need to continue to invest just to have the opportunity to receive accounts and be the one that might win a client’s business. So, if you take it in isolation, you will find lots of companies that are not prepared, but not necessarily in the recoveries space.
GM: In many companies, it has brought together the marketing business with the credit-risk business, where, in the past, they would not really have talked to each other. And, in the past, they may have had lots of data and contacts, but did not truly know how many unique customers they had. So part of this movement has forced the position, and, as we are talking about risk, on the commercial side you would want to balance
that against the opportunity that we have to talk to all the customer base. So, for example, if you had five million records of individuals, you could take the high-risk version that would strip that down to a million, or you could take the other side where you are more commercial and so you would want to talk to all those customers. There has often been debate, in the past, about having a single customer view, and getting financial support and investment for that, and when you look into it, you will often have a number of historical legacy systems and, as a result, it might never have happened. It is only now, with GDPR, that businesses have been able to get behind that, and people have are an understanding that there is not only a compliance, but also a commercial benefit as well. There is also an inherent nervousness of trying to talk to customers to try to get the right information, and when you do that, you might prod the customer and they ‘wake up’ and maybe they might reconsider if they still want to subscribe to your mailing list. So
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Left-right: John Burke; John Davies; Katie Woodiss-Field; Liz Thompson; Mark Higgins May 2018
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