Risk & Compliance Managing Pre-Delinquency Under IFRS 9 & Persistent Debt
The introduction of IFRS 9 will mean focus is placed on pre-delinquency — treatment of accounts before they exceed limits or miss payments.
Tag Archives: Collections
Collections & Recovery Video: Thames Water Wins with Customer-Centric Collections
Thames Water, the UK’s largest provider of water and wastewater services, is using FICO collections systems to provide highly tailored collections actions to customers.
Collections & Recovery Video: NAB Succeeds With Analytically-Driven Collections
National Australia Bank, one of the four largest financial institutions in Australia, auto-resolves 75% of delinquent conversations with customers while maintaining its posture as a leader in customer care. The bank has done this by harnessing the power of FICO’s Customer Communication Services (CCS) to bring analytically-driven automation to its collections process. The implementation has resulted in 75% automation of all cases, a lower cost-to-collect and reduced impairment. It has also produced a Net Promoter Score of 63. That means that 63 out of every 100 customers handled in NAB Collections would promote their positive experience to others. Now there’s a thought, brand promotion from those you might not expect! Previous to the move to analytically-driven collections, NAB was using an inefficient dialer and SMS platform. They needed a lot of people to service customers and a lot of the calls weren’t very effective. In the past NAB’s collections staff were... [Read More]
Risk & Compliance 70% of APAC Banks To Use AI in Collections by 2019
AI in Collections an Inevitability Artificial intelligence (AI) is becoming more integral in improving collections, according to banks in Asia Pacific (APAC). In a survey conducted at the FutureCollect event in March, seven out of ten senior collections managers revealed they plan to implement and integrate AI into their collections systems within the next two years, and 24 percent said they will do it next year. These new findings are consistent with FICO’s insights on AI earlier this year, predicting companies will focus on operationalizing AI in 2018. Almost half (48 percent) of banks believe that the use of AI will help them optimize their collection decisions, while 41 percent feel it will enable them to accurately predict consumer behavior. AI-powered analytics can improve automation in collections in many areas, from optimizing contact strategy settings to ensuring human agents make sophisticated decisions when restructuring debts or even calculating provision rates at an account level for IFRS 9... [Read More]
Risk & Compliance UK Cards: Signs of Debt Stress in Accounts 1-5 Years Old
In reviewing our data from the FICO Benchmarking Service, for users of FICO TRIAD Customer Manager, I saw some interesting long-term trends and some signs of potential debt stress, particularly among accounts 1-5 years on book.
Collections & Recovery How Are UK Retailers Managing the £200 Billion Credit “Tick”?
In this uncertain environment, are retailers doing enough to manage the vast amount of “tick” consumers have amounted?
Risk & Compliance FICO Data: Warning Signs for New Card Accounts in Ireland
Over the past few months, the percentage of new Irish card accounts that are delinquent has climbed to around 10%, more than twice the average for UK cards.
Risk & Compliance Globe Telecom Cuts Delinquencies 40% Using FICO CCS
Globe Telecom (Globe), one of the major telecommunications services providers in the Philippines, has reduced account delinquencies by 40 percent year-on-year, since its deployment of FICO® Customer Communication Services (CCS) in 2016. By automating a portion of its collections efforts, the company has also managed to reduce the cost to collect by 15 percent and the time it takes to collect by three days. The introduction of the CCS solution was seen as essential to cope with Globe Telecom’s rapidly growing business. With more than 59 million mobile customers, and more than 1.2 million broadband customers, Globe had to scale its collections efforts quickly while considering cost and improving customer care. Mon Pernia, head of consumer collections at Globe, explains how the project has changed collections for the company: How has adding analytically driven collections been received at Globe? This use of ‘machine calling’ instead of traditional ways of agents calling... [Read More]
Risk & Compliance Tax Agency Optimization – What Are the Benefits?
Tax agency optimization provides significant revenue collection improvements by balancing resources between competing priorities and workloads.
Collections & Recovery Will FCA Proposals Fix the UK’s Persistent Debt Problem?
The UK’s Financial Conduct Authority desperately wants to help 3+ million borrowers get out of persistent debt — but will the fixes work the way they want them to?