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Improving Collections Performance 10% Credit Today Conference Presentation 2010
- 1. THINK DIFFERENTLY Credit TodayConference November 2010 5 ways to improve Collections Performance 10%+ in Q1 2011 PBD CONSULTING
- 2. PBD CONSULTING What ishappening to your accounts? Typically Many attempts to contact Dialler penetration >100% Defined account flow often based on time passed Lots of management reports Do Differently For more details please contact: David Farlow PBD Consulting Look at it differently What % of accounts have you spoken to this month - contact + cure % Look at a sample of average charged-off accounts - are they getting the contact you expect - are they getting the follow-up you would expect LEAN
- 3. PBD CONSULTING What areyour managers doing? Typically Call Monitoring Analysing Reports Walking the floor Call Escalation Projects E-mail Team meeting Monthly 1-1s Do DifferentlyLook at it differently Does these activities make your collectors more effective at collecting? What does a good call look like? - ask for 5 examples of a good call LEAN For more details please contact: David Farlow PBD Consulting
- 4. PBD CONSULTING How areyou recruiting good collectors? Typically Multiple interviews Multi-week training Very wide range of personal styles of ‘good collector’. Do Differently Do your trainers / managers believe they have a good sense of who will be a good collector before they ‘hit the floor’? Look at it differently LEAN For more details please contact: David Farlow PBD Consulting
- 5. PBD CONSULTING How areyou routing your calls? Typically Route call to defined work group Then call goes to “longest waiting” agent Do DifferentlyLook at it differently Do you believe that some agents can deal with some customers better than others? SEGMENTATION
- 6. PBD CONSULTING SEGMENTATION Agent Demographic &Psychographic Variables (~60) Languages Spoken Regional Affinity Driving Habits Gender Purchase Habits Age Range Travel Habits Current Postcode Previous Postcode Etc. SATMAP gets this data from Agent Surveys that are filled out by agents Customer Demographic Data (~100) Household Income/Size Age Range Affluence Level Type & Age of Property Outstanding Mortgage Savings Pensions/Trusts Loans Credit Card Types Shopping by Catalog Number of Cars/Types Insurance Types Internet Access Magazines Mail Order SATMAP gets this data from external sources such as Axiom, and Experian, and Prizm based on Caller ID SATMAP gathers significant data on callers & agents
- 7. PBD CONSULTING SEGMENTATION SATMAP PairingStrategy Customers waiting in queue .065 .093 .046 .012
- 8. PBD CONSULTING How areyou routing your calls? Typically Route call to defined work group Then call goes to “longest waiting” agent Do Differently Pilot SATMAP - typical 10%+ uplift - 4 weeks to implement (links to dialler not to core IT systems) - no investment risk- free trial - easy to prove lift (as simple to manage control sample) Look at it differently Do you believe that some agents can deal with some customers better than others? SEGMENTATION
- 9. PBD CONSULTING How areyou managing your agencies? Typically Panel of agencies Share performance to ‘horse race’ agencies Agency managers cajole / encourage to drive performance Do DifferentlyLook at it differently Do I have the best agencies for my accounts? When do agencies work the hardest? - often when there is a risk of losing the work For more details please contact: David Farlow PBD Consulting
- 10. PBD CONSULTING How areyou managing your agencies? Typically Panel of agencies Share performance to ‘horse race’ agencies Agency managers cajole / encourage to drive performance Do DifferentlyLook at it differently Do I have the best agencies for my accounts? When do agencies work the hardest? - often when there is a risk of losing the work For more details please contact: David Farlow PBD Consulting