For Industries: 
Retail, Banking, Agencies
Overview

Creditors and debt collectors have navigated substantial regulatory change for decades. Today’s outlook is full of uncertainties, including the prospect of increasingly complex and fragmented rules if the trend toward increased state regulation of debt collection and recovery continues.

In this environment, an important capability to look for in debt management systems is ease of configuration. Organizations collecting and recovering debt should be able to quickly and efficiently reconfigure any aspect of their collection and recovery process to fit evolving regulatory requirements. Further, a complete, transparent and detailed audit trail of every action taken should be in place with easy access and reporting capabilities.

This paper focuses on the essential components of a configurable, compliant debt management system.

Overview

It’s estimated that 30 million people in the US alone have one or more debts in collections, and household debt is on the rise. Significant 90-day delinquencies come from credit cards, mortgages (plus associated lines of credit), student loans, healthcare and auto loans. While the collection industry is drawn by the significant activity of these potential revenue streams, we should recognize conflicting trends from declining collection rates, increasing regulation and growing automation.

Overview

Debt management has become one of the most challenging issues for businesses and public sector organizations.

High and volatile delinquency rates coupled with the need to maximize revenue and tax returns, and a fresh set of regulatory demands have created the 'perfect storm' for collections organizations, both external and internal. 

At the same time, most collection teams have to tackle these issues while supporting group-wide programs to reduce costs. There is little funding available to invest in expanding and enhancing the collection organization, meaning there is an ongoing dependence on outdated technology platforms and processes. 

For Industries: 
Agencies
Overview

Many decision makers are struggling to select a single AR automation solution from the numerous choices before them, however. PayStream analysts attribute reluctance to adopt this technology to the overwhelming number of options, along with a lack of knowledge about solution choices and benefits. This PayStream Advisors Technology Insight report focuses on AR automation solutions to automate the collection management process.

The report will help readers:

  • Explore different types of collection automation strategies and solutions 
  • Understand the case for implementing automated technologies to improve accounts receivable 
  • Take the next step towards the adoption of AR automation 
For Industries: 
Agencies
Overview

A FICO® Debt Management brief 

Have you asked a seasoned professional in accounts receivable management if they’ve ever experienced the confluence of economic shifts and legislative changes we’re facing today?

You would be hard pressed to find an agent, risk manager or anyone else in collections that isn’t trying to rethink how to effectively connect and collect.

Read to learn more. 

For Industries: 
Banking
Overview

Regulators and consumers both want more from banks. While regulatory guidelines and consumer rants in social media may use different language, they’re both aimed at the same thing: improving customer experience.

There’s abundant evidence that falling short on customer experience is costly—from press headlines about compliance penalties to rising numbers of consumers switching banks or turning to alternative lenders. But there’s also growing evidence that focusing on improving customer experience is rewarding. Banks that do it well benefit from an early warning system for compliance risk exposure. And studies show that customer experience is also a powerful driver of financial performance, including substantial gains in share of wallet, revenue and profitability

For Industries: 
Agencies, Banking
Overview

No longer can first-party organizations simply sell or place accounts with a third party without clear account handling visibility. In the US, the Office of the Comptroller of the Currency (OCC) released new guidance, Bulletin 2013-29, calling for wide-ranging third party risk management and oversight. This bulletin comes on the heels of a sweeping consent order between a major US bank and the OCC covering the bank’s collection practices, notably third-party collection activities.

Overview

More so than perhaps at any other time, business agility is essential today to successful collections and recovery practices. With compromised budgets, a surge in regulations protecting the consumer and the likelihood that recent increases in consumer confidence and consumer borrowing will boost bad debt volumes, collections and recovery teams in several industries are pressured to think hard about new, flexible approaches to operations and operational strategies. In terms of how technology can drive agility, collections and recovery professionals shouldn’t overlook the cloud.

For Industries: 
Agencies, Government
Overview

FICO Success Story

Cilent: The Office of the Shelby County Trustee David Lenoir, responsible for property tax and other receivables collection and management for Shelby County, Tennessee. 

Challenge: Improve current and delinquent property tax collection despite a limited budget; respond to the county’s falling real estate values and subsequent decline in property tax values by increasing collections without adding overhead. 

Solution: FICO® Debt ManagerTM Solution 

Results: An increase in receivables collections by an overall 80 basis points, resulting in an additional $6 million in revenue within the first 120 days of delinquency; improved collector assignments and strategies based on data-based insight on taxpayers, and on collectors’ performance; developed a merit-based program to drive greater collector motivation and results. 

 

Overview

Have you asked a seasoned professional in accounts receivable management if they’ve ever experienced the confluence of economic shifts and legislative changes we’re facing today? You would be hard pressed to find an agent, risk manager or anyone else in collections that isn’t trying to rethink how to effectively connect and collect.

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