A recent article in The Guardian quoted the The British Banker’s Association saying “consumer credit is growing at the fastest rate in almost a decade”. Economists are predicting rising inflation and potential interest rate increases for 2017 in the UK; this coupled with flat earnings and benefit changes will result in increased debt and push more people into financial difficulty.
With more people falling into financial difficulty, there will inevitably be more pressure on credit organisations to interact, advise and collect from those customers who find themselves in arrears. To be prepared means having a customer centric operating model that stands up to the test of increased volume. It is also vital that the technology/system that underpins the operating model is fit for purpose.
Bearing in mind that time is short until 2017 is upon us; we wanted to highlight some of Arum’s latest Collections Systems blogs, sharing hands on knowledge and expertise.
We have helped many banks, utilities, BPOs and public sector organisations selecting and successfully implementing new collections systems and tools. To find out how Arum can help you and your business be prepared, please contact us today.
Getting to know your customer in collections through data:
Customers in debt are sometimes elusive or hard to track down but the biggest group are just difficult to contact when data is lacking. There are many different ways to enrich customer data in order to increase the effectiveness of contact strategies.
Selecting a suitable vendor/supplier for a Debt Collections and Recoveries System:
Getting selection right is important as the consequences of a poor selection could be a millstone around the neck of collection and recoveries (CnR) function for 5-10 years. This blog outlines some of the key areas that should be touched upon with a vendor selection, as well as some of the common pitfalls.
What systems do I need to support best in class debt collections?
The vision of what ‘best-in-class’ in debt collection and recovery looks like has now changed for many organisations. This blog discusses the systems needed to support that vision.