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Callcredit Collections Innovation Forum
- 1. Collections Innovations Forum 23rd February 2012
- 2. Collections Innovation Forum Welcome: Alan Golob Follow us on Twitter @Callcredit #Cinnovation
- 3. Follow us on Twitter @Callcredit #CInnovation Collections Innovation Forum Are electronic communications an effective and compliant collections tool?
- 4. Follow us on Twitter @Callcredit #CInnovation Collections Innovation Forum CallTrace Batch Version 4 Lisa Green
- 5. Challenges in Tracing • Electoral Roll opt-outs • Regulatory pressures and validation of traces • Increased consumer awareness of credit reports • Increased scrutiny on debt collection and recovery practices • Safeguarding your brand • Tracking savvy debtors and reinvigorating historic accounts
- 6. CallTrace Version 4 Sunshine Lodge We’ve revolutionised our tracing Beach Avenue Brighton product to meet the current challenges in tracing 25 Mulberry Square Cambridge • Market leading Address logic 35 Meadow Court • A range of new features to vastly York 12 Morley Road improve validation and Preston segmentation Apartment 2, Grove Court Bristol Flat 2, High Towers Birmingham
- 7. New Address Link Logic CallTrace’s address logic has been OSD Logic enhanced to include OSD Logic: a revolution in tracing logic •Unique to Callcredit • 4 years of development • OSD Logic uses indicative performing residency data used to identify the main • Information from multiple datasets which active residence of an individual can give you confidence that a customer is at a new address
- 8. Date of Birth Matching Enhancements DOB Matching now returns unique and multiple matches In the absence of providing a new address or a living as stated confirmation CallTrace will return: • The addresses of all individuals with the provided name and date of birth • A km distance (As the crow flies) from the input address for all Multiple Matches “People usually move within 10km”
- 9. Judgment Information now returned Version 4 returns judgment data for validation and profiling purposes • Number of active judgments • Total amount for all active judgments • The latest judgment status Miss Janet Evans 2 Active Judgments Judgement value £450 • The latest judgment date Latest Judgment 18th May 2011 • Latest judgment amount Mr Peter Johnson 1 Active Judgment Judgement value £75 Latest Judgment 21th June 2009
- 10. Account Type Data Account type data can be used for ID or Trace Validation Purpose • Number of Unique Portfolios Registered at an Address • Active SHARE Account types returned in one Miss Tina Mitchell field 10 Oak Road, Newcastle 3 Active SHARE records MG,CC,CC Mr Calvin Johnson 1 Main Street, Watford 6 Active SHARE records MG,HC,CC,CC,PL,PL Mr Mark Jenkins 30 The Grove, Leeds 5 Active SHARE records MG,HC,CC,CC,CA
- 11. Putting it all together Mr Mark Jenkins: 30 The Grove, Leeds CallTrace provides you •On Current ER with a robust view of •Credit Active at output address your debtor all in one •5 Active SHARE records: easy to read MG,HC,CC,CC,CA •2 Active Judgements output, enabling you to Judgement value £450 correspond with Latest Judgment 18th Dec 2011 confidence •Telephone number at output address
- 12. Feedback from Early Adopters • CallTrace is a product suitable for all areas of the debt collection cycle • Tracing and Validating addresses • Book on strategy and segmentation Traced Traced Traced Traced Traced Traced • Account management Traced Traced Traced • Reinvigorating old accounts Traced Traced Traced Traced Traced Traced Traced Traced Traced Traced Traced Traced Traced • CallTrace provides corroborative data sets that Traced Traced Traced Traced Traced Traced Traced Traced add confidence to new addresses Traced Traced Traced Traced Traced • Greater confidence going into assertive collections Traced Traced Traced • Corroborative data sources assist validation of traces
- 13. Break Reminders • Segmentation and Strategy Discussion – during break • Tea and Coffee in the Northern Room • Update us with industry challenges and product ideas in our suggestions box or come talk to us • Reconvene at 3:25
- 14. Follow us on Twitter @Callcredit #CInnovation Collections Innovation Forum The Income and Expenditure Come Back James Syron
- 15. Regulatory Landscape Although The OFT’s debt collection guidance has predominately been the main guide for many UK collection organisations. 2011 saw the introduction of the Lending Code and the refocus of the Financial Services Authority’s Treating customer’s fairly. FSA , Treating Customers fairly • Requires collection organisations to deal with “Offer the individuals and their individual financial problem customer • Agree sustainable payment agreements appropriate and timely options” The Lending Code, 2011 • Requires subscribers to be positive and The Lending Code, 2011 sympathetic to customers in financial Difficulties
- 16. Lending Standards: Financial Difficulties What does Financial Difficulties look like? • Loss of employment “A fall in • Disability disposable • Serious illness income and/or • Relationship breakdown increased expenditure” • Death of a partner The Lending Code, 2011 • Starting a lower paid job • Parental/carer leave • Starting full-time education
- 17. Data Insight: Integrating Collections Data Due to increased data access and new technologies we’re in a much better place to deal with Income and Expenditure processes - - = Disposable Income Income Credit Expenditure Household Expenditure
- 18. Data Insight: Integrating Collections Data Unique technology and data sets available instantly through an API to help validate, automate and derive key collection information • Make informed decisions by looking at each customer’s financial circumstance • Drive strategies, segment and apply relevant treatments to customers • Integrate into collections software to automate work flows
- 19. Integrated Collections Data: Payment Agreements Agree realistic and sustainable payment agreements by being able to review each individual customer’s circumstance • Validate credit expenditure and • total indebtedness • Validate income • Derive disposable income levels
- 20. Integrated Collections Data: Agreement Reviews Easily identify signs of financial improvement and deterioration in order to undertake informed, effective and profitable payment reviews • New accounts • Accounts paid in full • Dramatic balance reductions • Validate Income
- 21. Integrated Collections Data: Background BCW designed a Collector desktop tool which provided a picture of a individuals current and past financial circumstances to make informed decisions and optimise telephone negotiation With the help of Callcredit consultancy BCW Chose from over 700 Concepts such as: • Total Debt Value SHARE (Financial Public Credit Performance data • Total Monthly Committed Payments on all Data) debts (Now and over the past 3, 6 ,12 months) Address Residency Links Status • Total debt balances now and 3, 6, 12 months ago • Plus many more...
- 22. Integrated Collections Data Collector Desktop Tool
- 23. Seamless Integration • Automated search for efficient negotiations • Search can be auto generated on both inbound and outbound calls • Took only 10 days to Integrate and develop – V Quick • Quick response times typically less than 3 seconds
- 24. Design • BCW created own look and feel of the desktop tool • Agreed variables which would aid telephone negotiation such as total monthly payments, mortgage balance etc. • User centric and fits within one screen for easy analysis and navigation
- 27. Benefits • Enables the collector to make informed decisions • Helps agree realistic and sustainable payment agreements in line with the FSAs Treating customers fairly • Enables a collector to spot signs of financial improvement in order to increase payment agreements on reviews • Helps satisfy Lending standards board
- 28. Follow us on Twitter @Callcredit #CInnovation Collections Innovation Forum Peter Mansfield, Managing Director
Editor's Notes
- Can’t Pay, Won’t pay