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Optimising Collections While Reducing Costs

As consumer debt stands at an all time high, many financial institutions are under serious pressure to recover these unpaid debts in order to stock up on monetary reserves. Unfortunately, the debt collection process requires company resources which many companies don’t have available. However, with debt collection optimisation from SAS, a leader in business analytics, companies can maximize the return on recovery while reducing costs.

“Financial services institutions must re-gear their analytic techniques to adapt to a new playing field,” said Brian Riley, Research Director of Bank Cards at TowerGroup. “Rising unemployment, coupled with a protracted recession and increased credit costs make existing tools obsolete. Successful lenders that apply advanced analytics to optimize their strategies experience particularly strong results.”

The debt collection process in itself can be a delicate matter. Customer response can vary greatly depending on how, when and why they are contacted and a large range of both UK and international debt collection agencies fail to identify which of their customers are best to contact, how to contact them and when they should be contacted. Many debt collection agencies utilise a call centre environment which, while often being the most effective method of communication, can also be the most expensive and this is where SAS come in. Using SAS’s predictive analytics companies can help to make their call centres more effective and can implement alternative methods of communication to achieve greater results, such as SMS, E-Mail and IVR.

SAS delivers software and services that:

  • Develop customer models to understand who is most likely to respond, which communication channels will work best and how much payment to expect.
  • Evaluate multiple channels simultaneously to determine which channels for individual customers will maximize return.
  • Vary constraints and re-run scenarios to understand the impact of changing call-center capacity, altering contact policies, or adjusting other constraints – all via an easy-to-use interface.

SAS software can also aid collection managers in their daily, weekly and monthly operations, by helping to plan and prioritise outbound communications for optimal results, as well as being able to help balance response rates from customers. This, of course, can have the knock-on effect of helping to build stronger relationships between debt recovery companies and their client’s.

About SAS

SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world THE POWER TO KNOW®. SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies.