The potential of data streaming in collections

Data streaming is a game-changer for collections teams. Old systems create bottlenecks that slow everything down, but modern platforms that handle real-time data unlock serious improvements. When you can process information as it happens, you work faster, make better decisions, and ultimately deliver better outcomes for your customers.

Everyday applications of data streaming‍

Data streaming is already working behind the scenes in your everyday life.

When you swipe your card, your bank instantly checks if it's really you making that purchase. If something looks suspicious, you get a text, app notification or call within seconds asking if you're actually buying something in another country.

Tap your phone at the supermarket and watch everything happen at once: your payment goes through, the item gets removed from their inventory, loyalty points hit your account, and your banking app updates your balance – all in real time. No waiting, no delays, just instant updates across every system that matters to you.

Implications for improving debt collection

Consumer Duty requires you to 'avoid causing foreseeable harm' to customers throughout their journey. Nobody wants to harm their customers, but outdated systems can create unnecessary friction that stops people from sorting out their problems quickly.

When your collections processes run on old batch systems, decisions get delayed. Those delays can sometimes seriously hurt the people you're trying to help.

Helping vulnerable customers

Real-time data makes all the difference when someone needs help fast.

Picture this: a customer is stressed about their debt and wants to sort it out today, but their case is stuck in a queue waiting for tomorrow's overnight system update. While they wait, they might panic and take out a payday loan, or their anxiety might trigger health problems. That delay could genuinely harm someone who's already struggling.

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With real-time data, your team can access all the information they need instantly – from your systems and external sources. They can make decisions on the spot and give customers the help they need right away, not tomorrow.

Proactive support for pre-arrears customers

The FCA wants you to spot financial stress early and help people before they miss payments. The tricky part? Finding customers who are keeping up now but might struggle soon.
Real-time data makes this possible. Your system constantly watches for warning signs across all your data sources – both internal and external. When something changes that suggests a customer might be heading for trouble, you know immediately. This means you can reach out to at-risk customers right away with personalised help through whatever channel they prefer. You're not waiting for them to miss a payment; you're preventing it from happening in the first place.

The bottom line: real-time collections that actually work

You already use real-time data every day without thinking about it.

Now it's time to bring that same speed to collections. With real-time data, you can help customers when they need it most, not when your systems finally catch up. You'll meet Consumer Duty requirements while actually impressing people with how quickly and accurately you respond.

Plus, you'll stop wasting time on duplicate work and sending messages at the wrong moment. It's better for customers and easier for your team.‍

‍Talk to our team and ask to see a demo of real-time collections in action.