Everything, everywhere, all at once: identifying blockers to optimal performance in debt collection

Data is ubiquitous.

It pours from every interaction creating a comprehensive map of our preferences and behaviours. It’s not entirely comfortable, but it’s the key to delivering those highly personalised, timely and relevant services that we expect as standard. This is the unspoken value exchange between organisations and consumers, whether on social media, when shopping online or accessing any customer service, including debt collection – and it works across any channel, from entirely digital engagements to phone calls or branch visits. So, there’s no doubt that data is abundant, but how do you ensure it’s utilised effectively to create value for your organisation and its customers?

Three Questions

1. Is your data useable, structured, accessible and consistent, or siloed, unstructured, irregular and unavailable?

2. How does data propagate across all channels, debt cycle stages and throughout your operation – from customer self-service to agent-led activity and recoveries? And how long does it take?

3. What happens when you want to add a brand new process that uses new data items?

What are the blockers to optimal performance?

1. Fragmented data: a lot of poor quality data or irrelevant data structures which have evolved over the years and can’t be usefully structured and analysed. You want to improve, but your analysts struggle to find sufficient usable data to inform progress.
2. Siloed data: information exists but sits in another part of the system and can’t easily be accessed. Agents never have the complete picture and must swap from screen to screen, system to system, risking errors – frustrating for customers and staff. 
3. Bolt-on applications: the more joins in your system, the more potential points of inconsistency and failure. A spaghetti system with multiple suppliers, data structures, operating systems and update protocols that creates time-consuming, needless complexity.
4. Static data: vast amounts of wasted effort and repetition caused by lack of real-time updates. Wrong numbers contacted, incorrect agent worklists, payments overlooked, critical information not presented to agents when needed, and out-of-date management information.

The answer…
Everything, everywhere, all at once

1. One holistic collections platform, from self-service to agent management and recoveries. Everyone singing from the same song sheet. The only truly ‘seamless’ solution to delivering top quality customer service – no obstacles, no compatibility issues, less complexity, less risk.
2. A single data structure across your entire collections operation. Data that can be surfaced for interrogation, segmentation and decisioning no matter what channel or what part of the collections cycle. No black holes.
3. Real-time streaming, measured in milliseconds – not hours or days. The end of batch updates. Instant propagation of information that ensures every interaction is timely, cost-effective, relevant and of value.
4. An immutable audit trail – everything recorded in one place and available to scrutinise. Understand how and why things happen, and act to continually improve performance. When the regulator asks, you have the answers.
5. Smart dashboards and MI – the powerful combination of real-time, event-driven MI and dynamic dashboards providing significant competitive advantages for your collections and recoveries operation. Real-time visualisation of data that assists with operational efficiency, offering immediate, personalised support options to customers, significantly improving the customer experience, and improving the agent experience by predicting the Next Best Action, together with suggested scripting to help guide the conversation. Provable consistency.
6. Complete flexibility to change decisioning, journeys, UI and UX in a dynamic and agile way using no-code/ low-code configuration tools. Changes are deployed throughout the platform instantly, empowering you to respond dynamically to new business, economic or regulatory landscapes.

To explore how Flexys Control+ can help you work smarter and reach your operational and customer service goals, whether by total transformation or via quick-to-value incremental improvements, talk to our expert team:

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