Optimising Collections 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.
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