In Focus Commercial Credit
A year like no other for the collections industry
The coming of the pandemic and of new regulatory challenges have made it essential for the industry to access the best possible technology solutions
Bruce Turnbull Business consultant, Telrock Systems bruce.turnbull @
telrock.com
A number of key challenges facing the collections industry have arisen over the past year. To meet those challenges, we will need a different approach to collections. The following sets out how omni-channel
collections software enabled systems can help your business rise to those challenges.
How do we treat arrears customers fairly? The global pandemic has dominated the collections landscape putting our industry under the microscope and during such difficult times it is important to ensure we treat arrears customers fairly. When customers fall into arrears, meeting the customer needs on how and when to communicate will improve contact and repayment rates. Having two-way SMS messaging and consumer portals that can accept promises to pay within agreed parameters allows your team to concentrate on more complex consumer issues. We have embedded digital communications to allow multiple forms of contact providing this support to your business.
Meeting the needs of vulnerable consumers Dealing with consumers experiencing vulnerable circumstances has been a growing business requirement for some time and has drawn increased attention from the regulators in terms of trying to ensure standardized consumer outcomes. A flexible contact strategy is even more important in such cases to cater for consumers displaying various forms of vulnerability. They will require
16
specialised treatment in terms of assessing and meeting the customer’s needs and ensuring timely and compliant monitoring systems are in place. Our software’s collector’s workbench with integrated workflow provides easy to build, change and manage multiple strategies allowing your business unit to rise to this increasing challenge.
How will Breathing Space impact? HM Government’s Breathing Space initiative comes into force on 4 May. One could argue that some of its aims are already being met by the necessities of dealing with the financial crisis caused by the pandemic. To meet the new regulations, your host system will more likely be linked to the Insolvency Service portal from where you will be advised that your customer has entered Breathing Space. You will also need to be aware of the
possibility that the consumer may fail to enter or complete Breathing Space. This gives the capability to pick the account up at the right time and have multiple options regarding your response. Our system’s inbuilt account monitoring—which stops action on an account unless authorised or compliant – has been built for this type of scenario and is already in use.
Collection software capability All of the above depends on the capabilities of your collections software. Your consumer collections software system must provide a higher level of agility, responsiveness, control, user-friendliness and automation than what was needed previously. In addition, you will
www.CCRMagazine.com
need to fully support omnichannel collection strategies. That ability to connect and interact bi-directionally through the consumer’s preferred communication channels, telephony, email, text, portal, mail, and mobile app whilst remaining compliant with ever changing regulations will be crucial. So succeeding in the future will come down to whether your collection system has what it takes to help you succeed going forward. Our modern collection system, with
embedded digital communications, omnichannel management, an integrated self-serve collection portal and an agile agents’ workbench is the technology that should be your next investment. CCR
When customers fall into arrears, meeting the customer needs on how and when to communicate will improve contact and repayment rates
February 2021
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