In Focus Risk
industry professionals would look for more information. Asked ‘do you use additional, external
data to identify debtor profiles related to financial strength, vulnerability, litigation, enforcement, asset ownership, or employment’, the number of professionals saying yes rose to 81%, leaving just 19% to say no.
Challenges That said, when it comes to the use of that data, the tables were turned with only 27% saying yes to the question ‘does your business employ data analysts to create insights for collection strategies?’ This may, in part, reflect the main
challenges that respondents raised relating to the data they use.
requirements’, and ‘only using straight- forward data in conjunction with our knowledge of internal business strategy and customer behaviour’. So what are we to make of this research,
‘Too much of it in unstructured format to be able to make meaningful conclusions from it’, ‘analysing the amount of data that is available without over analysing’, ‘ensuring that it is accurate and timely and that it complies with GDPR’, ‘widely differing regional variations in reporting requirements’, and ‘only using straight-forward data in conjunction with our knowledge of internal business strategy and customer behaviour’
These included; ‘harmonisation across
sources’, ‘continuity of the data. How quickly items, like new addresses are updated by consumers. ‘Too much of it in unstructured format
to be able to make meaningful conclusions from it’, ‘analysing the amount of data that is available without over analysing’, ‘ensuring that it is accurate and timely and that it complies with GDPR’, ‘widely differing regional variations in reporting
September 2019
www.CCRMagazine.com 39
and where should it lead us to study in the future? Surely, the understanding of the value of data and analytics is clearly there,
What approximate impact does external data have on improving collection strategies?
but there are still hurdles to overcome before that potential is truly realised. The industry knows what it needs, but maybe lacks the resources and opportunities to achieve this. It will be interesting to see how these
trends develop, across different sectors, in the years to come. CCR
What approximate percentage of your debt inventory is identified for litigation?
What is your company’s approximate investment in data and analytics each year?
What type of customer data do you collect yourself?
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