In Focus Risk
Making the choice to use the data and analytics you need
Last month, CCRMagazine, along with technology and data-focused legal-services firm Restons Solicitors, carried out a piece of research to consider what data the industry has access to and how it uses this to improve collections
It has long been accepted, in the credit and collections industry, that data and analytics can provide a crucial advantage for companies wishing to make the best decisions on their customers. Data, from both within and without the
business, can add understanding and nuance to a decision, particularly where external data is brought in to bolster a ‘thin file’. And the best analytics will make use of that data by turning the raw information into useful metrics upon which to base understanding. But, of course, there will always be some
Do you use additional external data to identify debtor profiles related to financial strength, vulnerability, litigation, enforcement, asset ownership, or employment?
degrees of reticence: external data can be costly – particularly for businesses with small margins – and there will always be questions over what additional value it can bring. So it was interesting to see, in our
research, the relatively measured response to the question ‘does your company utilise externally sourced data in its analytics to inform collection strategies’, with 59% of respondents saying yes and 41% no. Of course, this initial question was without
context of the stage of the collections process and, clearly, as further refinement was needed,
What is the primary or main purpose of your business?
So it was interesting to see, in our research, the relatively measured response to the question ‘does your company utilise externally sourced data in its analytics to inform collection strategies’, with 59% of respondents saying yes and 41% no
Does your business employ data analysts to create insights for collection strategies?
Does your business employ data scientists to create insights for collections strategies?
Does your company utilise externally sourced data in its analytics to inform collection strategies?
How accurate would you class the outcomes of your data analysis when applied to collection strategies?
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www.CCRMagazine.com
September 2019
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