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Just-in-time Decisioning for Collections with Decisioning as a ServiceSM
 

Just-in-time Decisioning for Collections with Decisioning as a ServiceSM

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Strategic application of a decision engine platform for quick deployment of collection strategies, systemic policy control, and significant operational effectiveness gains.

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    Just-in-time Decisioning for Collections with Decisioning as a ServiceSM Just-in-time Decisioning for Collections with Decisioning as a ServiceSM Presentation Transcript

    • Just-in-time decisioning for collectionswith Decisioning as a ServiceSM —a Wells Fargo case studyBrad Bowland | Wells Fargo Education Financial ServicesCurt Retz | ExperianDave Coates | Experian© 2012 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public.
    • Today’s agenda Introductions and agenda The business opportunity Objectives and anticipated outcomes Project overview Cost / benefit analysis Wells Fargo EFS and Experian relationship How it works Key differentiators Summary Questions and answers © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 2
    • IntroductionsBrad BowlandWells Fargo Education Financial ServicesSVP Risk Management (EFS)Dave CoatesExperianClient Services DirectorCurt RetzExperianSenior Account Executive © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 3
    • The business opportunity EFS Risk Management sought a decision strategy engine for account management and collections efforts A business rules management system for optimizing: ► Account-level treatments ► Cross-sell and retention ► Loss mitigation and recovery Strategically aligned with: ► Customer experience and simplicity for unique customer treatment ► Operational transformation and efficiency ► Controlled business portfolio growth; reduced costs; enhanced revenues © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 4
    • Objectives and anticipated outcomes Quickly identify and execute on risk / rewards in student loan portfolio growth Improve ability to respond to changes in customer and business needs Improve efficiency and effectiveness of collection, recovery and customer service agents Minimize IT resource requirements © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 5
    • Objectives and anticipated outcomes Evaluate and engage customers based on their total relationship with Wells Fargo Track strategy performance, improve ability to make timely changes with minimal manual effort Ensure compliance with centralized management of account treatment strategies © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 6
    • Project overviewDescription Implement an account risk management decision engine EFS Risk Management responsible for business rule development, testing, and implementation Hosted by Experian via Decisioning as a ServiceSM ► No hardware or software needed ► Uses existing BAU systems’ formats and process flows Leverage existing Experian data security and system architecture Vendor management consolidated with Wells Fargo Consumer Lending Group © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 7
    • Project overviewBenefits Improve customer experience ► Unique customer treatments Improve cross-sell, banker referral and account retention ► Target pre-repay campaign efforts Improve strategy implementation cycle-time ► Reduce from 12 months to one month © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 8
    • Project overviewBenefits Improve collection efficiencies ► 60% improvement cost / $1 collected Improve collection effectiveness ► 40% improvement in delinquency rates Reduced losses ► 25% improvement in net loss rates Improve scorecard deployment ► Avoid IT coding, saving $100,000 / scorecard Realizing an ROI = 20:1 © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 9
    • Project overviewStakeholders Risk Management Collections Contact / Service Center Collections System Support Enterprise Security Enterprise IT Enterprise Vendor Management © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 10
    • Project overviewEnvironment EFS was one of only two consumer business lines currently lacking back-end decision engine capabilities EFS evaluated multiple (four) competing solutions before choosing Experian Other Wells Fargo business units currently evaluating legacy decision platforms © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 11
    • Decisioning as a ServiceSMHow it worksDiagrams of the batch processingenvironment ► Overall environment ► Automate strategy updates © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 12
    • How it worksProduction process flowWells Fargo EFS  150,000legacy systems accounts per day SOR 1 SOR 2 Collections system  End to end DaaS Production < one hourDaily secure file transfer Batch initiation scriptat independent times  Hands-off Combined Trigger operation SOR 1 SOR 2 collections file Input file Input file file  Manual intervention available QuarterlyEFS dataupdated credit bureau database SOR 1  Audit andquarterly data DaaS batch collection Data file Integrity host application DaaS batch file Production append process Reports MonthlyEFS data account SOR 2 collectionupdated performance filemonthly database Strategy management Operational Executes EFS Decision agent reports maintained strategies © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 13
    • How it worksStrategy update flow Installed at Wells Fargo Strategy Keeps change history Strategy management Deploy to production Strategy Local test environment file design studio (SDS) Multi-user support Audit and implementation controls Automated transfer Experian secure file Private and secure transfer process Strategy file Strategy file moved Manual Automatic and within the hour immediate Timeframe flexible Log produced and returned Production environment Manual control available © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 14
    • Key differentiatorsEFS benefits from hosting with Experian  Minimal Wells Fargo start-up or maintenance costs ► Avoid procurement of hardware and development  Experian’s hosting experience  Leverage existing connections ► Secure file transfer established quickly  Audit and testing functionality included  Leverage unique customer identifier for file transfers ► No SSN or other customer indentifying info needed  Leverage account management refresh process ► Future use of Collections and Retention TriggersSM ► Integrate with real-time decisioning  A partner committed to your success © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 15
    • Summary Needed a decision strategy engine for account management and collection efforts Utilize Experian’s Decisioning as a ServiceSM platform with Strategy ManagementSM ► Leverages existing relationship, secure connections, and vendor management ► Ability to implement quickly at minimum cost ► Realize benefits while Wells Fargo completes other integration projects © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 16
    • SummaryImmediate returns: ► Improved customer experience ► Champion / challenger testing for new treatments ► Improving account retention and cross-sell ► Increased productivity of agents ► Reduced scorecard and strategy deployment costs and timeframes ► Improve ability to meet new regulatory and audit requirements ► Reduce loss and delinquency growthQuick implementation through EFS and Experian partnership © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 17
    • Questions and answers© 2012 Experian Information Solutions, Inc. All rights reserved.Experian Public. 18
    • For additional information, please contact:David.Coates@experian.comVision Expert AnnexOpen every morning, afternoon and during session breaks  Meet session speakers  Gather information on Experian products and services  Request research and complimentary materials  Schedule one-on-one meetings with Experian experts © 2012 Experian Information Solutions, Inc. All rights reserved. Experian Public. 19
    • May 6–9 • The Phoenician • Scottsdale, Ariz.© 2012 Experian Information Solutions, Inc. All rights reserved.Experian Public.