Tag Archives: Collections

Risk & Compliance Video: China Guangfa Improves Collections

Jul152018

China Guangfa Bank Credit Card Center (CGB Credit Card Center) is using FICO® Customer Communication Services (CCS) to help reduce its cost of collections and improve customer service across its credit card portfolio of 50 million customers. The business unit has managed to improve the average daily rate of repayment by 2 percent and has collected several hundred million yuan in repayments using the FICO solution. The use of this solution has also resulted in a significant lift in customer satisfaction levels for CGB Credit Card Center. Since the project was launched, the number of complaints the bank receives has dropped to one-tenth of when they were running manual collections. The success of the project has earned CGB Credit Card Center an award from The Asian Banker for ‘Best Self-Service Banking Project in China’. “CGB Credit Card Center has been at the forefront of automated collections for banking in China for many years,” said Mr. Lin... [Read More]

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Collections & Recovery Video: NAB Succeeds With Analytically-Driven Collections

Analytically driven collections
Apr302018

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]

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Risk & Compliance 70% of APAC Banks To Use AI in Collections by 2019

70% of APAC Banks Will Use AI in Collections by 2019
Apr122018

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]

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