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Collection Agencies

Collection Agencies

Advanced collection methods collect more. Faster. Smarter. Most of all, compliantly.

Overview

A good place to see how collections impacts competitiveness is the 31-day “time bomb” under IFRS 9 in the financial services industry. To prevent accounts from rolling to Stage 2, and with its requirement for lifetime expected credit loss impairment, some creditors are looking to accelerate collections by assigning more accounts to external collection agencies.

There’s concern, however, about increased exposure to other compliance risks, since creditors are responsible for ensuring third parties treat consumers fairly and adhere to applicable laws and regulations.

Increased placements is a good thing for collection agencies, of course. Instead of throwing bodies at this opportunity, smart organizations are using analytics-driven strategies and automated processes to focus their resources on accounts where they can make the biggest impact in the shortest time, not only to prevent 31-day delinquencies but to collect and recover more.

 

The Big Data and Analytics Summit Canada
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February 12, 2020 – 370 King Street West Toronto, ON M5V 1J9, Canada

The Big Data and Analytics Summit Canada

FICO is a Gold Sponsor of the 6th Big Data and Analytics Summit Canada.  Join Mazen Moussa, Sr. Director, Decision Management Solutions & Analytics, FICO and day 1 – closing keynote speaker: Driving AI/ML Adoption to Improve Analytic Models and Business Processes.  Learn more about The Big Data & Analytics Summit Canada at https://www.bigdatasummitcanada.com/.

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Thames Water
Case study

Thames Water

Tailored communication strategies boost collections and customer satisfaction.

Case Study
Phillips & Cohen
Case Study

Phillips & Cohen

Phillips & Cohen Manages Global Growth While Preserving a Compassionate Approach to Estate Debt Collection with FICO Solution.

Case Study
Cabot Credit Management
Case Study

Cabot Credit Management

Learn how Cabot Credit Management boosted efficiency and customer satisfaction with FICO® Debt Manager™ Solution.

Case Study
State of Maryland
Case Study

State of Maryland

Makes Debt Collection Efficient and Productive with FICO Solution.

Case Study