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Best Practice in Consumer Collections: Strategies and Technologies for Consumer Debt Recovery
VRL Publishing Ltd, May 2008, Pages: 206
The new edition of this best-selling report offers a comprehensive examination of the entire consumer collection process and is a must for new and experienced collection managers alike.
The report presents:
- Extensive coverage of Subprime collections, plus debt sales, offshore outsourcing and multilingual collections.
- The opportunities provided by multichannel technology tools.
- Many case studies of strategies, processes and application of technology from the author’s consulting experience.
- The definitive A-Z of collections.
Why Read this Report?
The rapid acceleration in mortgage and consumer loan defaults in the USA and beyond throughout 2007 and early 2008 (primarily from the subprime credit rated segment) brought an abrupt end to a decade of unprecedented retail banking growth around the world.
Who should read this report?
Industry:
Consumer credit (credit cards, mortgage, auto & personal loans, lines of credit, etc.)
Telecommunications: long distance and cellular
Utilities (power, water, etc.)
Job Title:
Credit Policy Director,
Collection Director
Credit Risk Director
Portfolio Director, Recovery Director
Cable TV Credit Manager, Collection Manager,
Credit Risk Manager
Credit Unions Portfolio Manager
Mortgage Industry Recovery Manager
What they are looking for:
Best practice in all operational and strategic aspects of consumer collections
Subprime
For some commentators, the subprime collapse is simply the end of a long growth cycle, of banks pushing into higher risk markets as they seek out new earnings and reaching the limit (or end) of that particular growth model. For pessimistic commentators, the subprime collapse may prove much more profound – a stop to a debtfuelled, debt-riddled USA economy that could take years to ‘correct’. The main problem is that nobody knows exactly how far or deep the market ‘weakness’ will run. Approximately $50 billion in bad loan write-offs had been revealed by banks at the end of 2007, although the final figure is estimated to be much higher.
Expert Opinion
This updated report, written by an industry expert with over 27 years of experience, provides a comprehensive assessment for both new and seasoned collection professionals. The examples and case studies in this report are drawn from her international consulting and training experience and address a wide variety of collection issues including all phases of consumer collections from early, mid and late stage delinquencies to charge-offs.
This second edition has an important update about multichannel technology and communication tools which are essential in contacting today’s debtors
as well as an in depth summary of Subprime collections.
The report is applicable for the collection of unsecured and secured products, including:
- Credit cards.
- Loans.
- Telecommunications services and other financial services.
Leading edge strategies, state-of-theart technology, samples of collection metrics, reports and best practice operational processes are included in the report and are presented in an easy-to-read format including tables, charts, bulleted lists in answer to complex collection management issues, for example:
- Setting up a collection call centre.
- Defining an optimal organizational structure and requirements for each functional area.
- Organizing a multilingual collection process.
- Improving third party agency management.
Challenges for Senior Management
Senior collection management, whether they are responsible for ten collectors or thousands, will find this report an invaluable information resource when considering core strategies including:
- Centralizing their collection operation.
- Assigning accounts to an offshore outsourcer.
- Selling charged-off distressed accounts receivables.
New Technology
Technology has become a critical success factor in consumer collections due to the high volumes of accounts handled. This report presents a detailed assessment of cutting edge tools along with the ideal features of each technology including:
- Choosing a predictive dialer.
- Scoring models, IVR’s.
- Best-time-to-call software.
Human Resources
Successful collection is an intensive personnel-driven process and to achieve targets and goals, the collection management team must understand the dynamics of team management. This report provides Best Practices for recruiting, hiring and staffing, managing according to the “3 M’s” of collection management: monitoring, measuring and motivating, and tips for training collection staff on effective collection negotiation skills and techniques.
The Bottom Line
In this atmosphere of uncertainty the minimum requirement of retail financial service providers is to ensure that they are conforming to best practice in all aspects of collections practice and procedure.
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