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Optimize debt recovery process

26/07/2014

Today, US consumer debt has risen to record levels, reaching the threshold of $ 2 trillion. The number of consumers facing financial problems increasingly precarious, so they must weigh the payment of daily living expenses and debt repayment. For many countries, the state debt bubble is increasing due to objective reasons of economy, as well as subjective reasons that income and savings of households decreased matter. Gasoline prices and interest rates increase the risks associated with personal as illness or unemployment actually pose challenges for the recovery of debts.

The fact that the cash debt tends to turn to credit cards. To minimize the risks before the debt is out of control, the bank credit will start the process of debt collection and contact with customers to control their accounts via the contact center system . For contact center managers are entrusted with this responsibility, optimizing operational efficiency and difficulties. The debt recovery unit to continuously update and analyze the productivity of the contact center to maximize the amount of money recovered as a minimum to minimize bad debt and bad debt.

Risk Assessment

Debt recovery process requires banks to understand the details of the customer to be able to answer the key question is “ability to repay the customer how much it is.” Besides, other issues including “When the debt will be repaid?”, “Is this customer is a chronic debtor”, “The risk to debt relief will be? “, etc. This information is extremely important because of the risk assessment of a client can not pay the debt because they live in areas that had the disaster will be completely different from a regular customer with overdue debts 90 days.

How to achieve high productivity and efficiency in the process of debt collection?

The high yield in the process of debt collection will always be an important goal. Data on the number of calls, time for work to be completed after each call (ACW) or timeout to call next (wrap time), the call success rate and the amount recovered after each hour will be the criteria for assessing the productivity of debt recovery process.

However, how to measure the effectiveness of the debt recovery process will encounter more difficulties. Some criteria to measure effectiveness as percent customer promise to repay debt and deferred repayment mortgage.
In summary, information about customers need to be managed closely with the appropriate tools to support up to a telephone conversation on the issue of debt recovery.

Strategic management client list

One of the biggest challenges that companies face today is to manage customer lists a strategy to optimize debt recovery performance. Manage effective customer list will help companies to classify customers based on the level of risk. For loans with low risk and occasional customers pay on time, the company has just announced reminder or make a call to the customer via telephone answering systems are computing goods (IVR) to hold information about the payment. This will help save a lot of time and manpower to staff can focus on those debts have higher risk.

Monitoring and adjustment operations

One way to manage debt recovery efficiency is analyzing the information available in real time. In addition, the measurement of performance indicators such as the proportion contact with customers, clients percent promised repayment, customer lists, campaigns and records also extremely important.

Scorecard work includes data on the productivity and efficiency to evaluate employees, teams, groups and entire center contact center to ensure the effectiveness of the process of debt collection. The analysis and performance assessment work will enhance the strength of the company. This allows the company to make the proper adjustments as the automatic collection of information from various sources and create storage location information along with productivity features for trend analysis.

Optimizing performance of employees

The switchboard staff involved in the process of debt collection is mainly done outgoing calls but also receive incoming calls. The center operators need to balance the number of incoming and outgoing calls efficiently to optimize service as well as the productivity of the employees.

Call blending technique has helped increase productivity center for Contact Center participated in debt recovery by monitoring the call flow and deploy staff flexibly based on the number of calls there. Technical mix calls to help optimize human resources in exchange.

Source: Aspect.com