All posts by Bruce Curry

Collections & Recovery Why GDPR Is a Four-Letter Word for Collectors

GDPR logo

Collectors in Europe who have been ignoring GDPR because it was risk’s problem, or the CIO’s problem, or the compliance team’s problem should think again. GDPR could well be a four-letter word for collections. You’re probably familiar with the General Data Protection Regulation, Europe’s attempt to create a single, enforceable standard to protect the freedom and rights of EU citizens. But you might not have thought much about it from a collections perspective. I just presented a webinar on GDPR in collections, so I’ve got an hour’s worth of material if you want to listen to it. However, I’ll keep it brief here and just give you 11 takeaways to ponder: 1. It applies from 25 May 2018. You have a year to get comfortable with it. 2. It’s not just about social media data. That’s how it started, but it broadened into an all-encompassing piece of regulation by the time it... [Read More]

Leave a comment

Collections & Recovery What We Heard When UK Collectors Sat Down

Word balloons with key themes

Last week I sat down with around 20 executives who manage collections for both lenders and debt collection agencies in the UK, to discuss what’s happening in the industry and how analytics — FICO’s specialty — can help. I will discuss my takeaways from this meeting in a separate post, but first I want to share some of the statements made during this meeting. If you ask me, the diversity of opinions in this group, and the participants’ clear desire to improve collections and customer relationships, show how much the industry is changing. This was not your father’s back-room chat on how to squeeze people for cash. This was a group of highly engaged professionals who understand regulations, customer needs and technology as well as anyone in the lending industry. Here are some quotes that should get anyone in the collections industry thinking. Regulation “The FCA is asking, ‘Are we... [Read More]

Leave a comment

Collections & Recovery How Thames Water Does Customer-Centric Collections

Thames Water logo

Utilities are a special case for collections — they often have a public duty to keep customers switched on that can affect collections performance. That makes the success of Thames Water Utilities Limited, the UK’s largest water and sewerage company, all the more noteworthy. Thames Water has improved collections effectiveness by using FICO collections systems to match each customer with the most appropriate and effective collections actions. Thames Water is also using FICO technology to communicate with overdue customers, enabling them to pay without ever having to speak with a collections agent. In the first seven months of using FICO® Debt Manager and FICO® Risk Intervention Manager, Thames Water has collected £10 million using these services, and has accelerated payments from customers for Thames Water at a lower cost. This is all part of an initiative at Thames Water to transform its management of customer debt. As the CFO of... [Read More]

Leave a comment

Collections & Recovery Poll: Why Collectors Need a Better Way to Assess Affordability

Household debt image

Setting affordable repayments for a consumer is at the foundation of collections and compliance. Fortunately, assessing affordability is getting easier. These are the headlines from a FICO webinar my colleagues and I just presented on the financially vulnerable and how to assess affordability in a robust, compliant and operationally efficient manner.  We covered the key regulatory and market challenges, focusing on FCA and CONC principles-based regulation in the UK, and how to interpret requirements for different types of financial debt at different stages of delinquency. The interactive polls of attendees — all of them UK-based professionals in collections and recovery — reveal three reasons why affordability assessment is so important. 1. The biggest headache for most organizations is demonstrating compliance. Excel spreadsheets and basic forms are not sufficient to meet conduct risk goals.  A workflow-based tool (like the FICO® Affordability Calculator) is critical to demonstrating the customer/agent steps and steering the... [Read More]

Leave a comment