The Debt Collection Agencies market (DCAs) and contingency collections business has had a challenging business model the last few years.
Key to managing debt portfolios, whether it be early collections or late stage recoveries, is a suitable system of record to effectively manage, maintain, and process accounts and transactions. This includes the processing of payments, calculation of fees and interest, together with contact strategy capability, all in compliance with regulations and individual client policies.
Additional regulation, especially in financial services, has added additional cost of compliance resulting in consolidation to create economies of scale.
QUALCO helps Collections agencies deliver better services with measurable benefit:
Specialist processes around asset management, litigation, and field collections
Track record and industry specific experience
Modular design to minimise bespoke customisation
Timely implementation and confidence regarding limiting cost overrun
A configurable system, one that supports agile change
The requirement for regulatory oversight has increased, with the evidencing of control and compliance now mandatory and audited. Affordability checks need to be repeatedly assessed to ensure customers are treated fairly with flexible, maintainable payment terms and forbearance options available. Vulnerable customers also need to easily identifiable, with effective appropriate management.
All of this has led to innovation in the sector, with a re-design of customer journeys to ensure fair outcomes and compliance.
Help to remain compliant with QUALCO:
Increasing the use of data and credit scoring to produce models that assess affordability, calculate the success of treatments, create triggers for contact and drive appropriate strategies are all enablers to effectively use integrated omni-channel technologies. They continue to drive down the cost-to-serve.
Integrating with wider organisations to leverage enhanced data, such as debt advice services, government registers and practitioners, allows greater efficiency within recoveries processes where customers tend to find themselves in these circumstances. This type of data enables more automated workflow and appropriate strategy treatments to be deployed throughout the recoveries process and drive efficiencies when liaising with field agents, solicitors and enforcement specialists.
Use QUALCO to help generate value from your data:
Cost efficiency is a focus to maintain profitability. Digital is key, allowing customers to be easily managed through digital contact strategies where appropriately identified. This allows for a more effective cost-to-serve model to be deployed.
Expanding digital customer-facing tools further also creates the ability to resolve debts through a multitude of options across platforms including but not limited to App, Web and 2-way SMS.
QUALCO can help with your digital first strategy:
QUALCO’s technology ecosystem helps you leverage data to gain customer insights, understand account behaviours and flexibly drive effective collections strategies to stay in control. Use the latest tools and techniques to minimise losses, optimise cost whilst creating good customer journeys and outcomes.
ENABLES COLLECTION AGENCIES TO:
ENABLES COLLECTION AGENCIES TO:
Practical Guide Series on Covid-19: Identifying customer behaviour before and after the pandemic
Practical Guide Series on Covid-19: Upgrading from legacy collection systems to remote working, quickly