EXUS Collections & Recovery Blog

Agent Incentives for better Customer Communication

Posted by Nikos Lambrou on Tue, Oct 10, 2017 @ 08:00 AM

Incentivizing your collectors is key towards better team management, motivation and performance increase. Daily motivation is critical, even after extensive training is offered to collections professionals. When they have it, they perform better and achieve higher collections rates. Incentive programs must be smartly designed and comprise of a mix of KPI’s in order to actually increase collections results.

This post offers tips on how collections managers can structure incentive programs so that collectors work harder and smarter to improve results. 

 

Read More

Tags: Collection and Recovery Operations

The 3 top collections customer services mistakes and how to avoid them

Posted by Theodore Kavalieros on Tue, Sep 05, 2017 @ 09:00 AM

Half of success is learning what not to do. And there are plenty of mistakes made during the average day of collections work. However, there are three top mistakes that do the most damage to customer service levels. 

Poor Communication

Collectors that don’t communicate well don’t collect. It’s as simple as that. Today’s customers use multiple online and offline channels to communicate and transact. They expect collectors to meet them where they are.

When collectors do contact customers, they must strive to communicate in a polite, professional way and in a manner that’s consistent with the rest of the organization’s messaging. Many organizations fail here because they don’t use centralized communication scripts.

Limited Approach to Offers

The goal of any modern collections department should be to make the right offer to the right customer at the right time. Unfortunately, many organizations fail to exhibit flexibility towards that end. They use a one-size-fits-all approach to settlements, no matter the customer or debt situation. This drives away customers and restricts the number of possible settlements you might be able to achieve.

Read More

Tags: collections and recovery

Put an End To Late Payments: The Secret to Boosting Collections Results

Posted by Marios Siappas on Tue, Jun 13, 2017 @ 11:00 AM

Nearly a quarter of small and medium businesses in the UK could face insolvency because of one thing, reports The Telegraph. They’re not getting paid. Late payments and overdue invoices are piling up for these businesses. A full 22% of these obligations are owed by large companies.

Read More

Tags: Collection and Recovery Operations

8 Ways to Measure the Collections Results that Matter

Posted by Raul Gaitas on Mon, Apr 17, 2017 @ 10:00 AM

Businesses involved with debt collections need to measure and report specific collections goals. That seems obvious, but many companies still don’t follow collections best practices when it comes to forming goals and measuring success. 

When you set clear goals and measure the right metrics, it’s easier to identify and solve challenges, improve processes over time and maximize efficiencies.

There are eight steps you can take to better measur

e your collections performance. Implementing them will help you improve your collections department’s success rates, and as a result, your company’s bottom-line.

1. Determine Your Goals Before You Measure 

Every organization should have an in-depth understanding of their goals and what they’re measuring.

To do that, you must define what success means to your organization. Be aware: it can mean something different for every company. Some might set revenue goals. Others might want to improve operational outcomes by a certain percentage. And some may want to simply hit project completion goals like implementing risk scoring technology or installing a document management system.

Consider some of the following examples of collections goals:

    • Improve kept promise ratios by 10%.
    • Improve self-cure rates by 5%.
    • Grow collections revenue by $10,000 per quarter.
    • Collect 4% more per account or portfolio.
    • Collect 4% more per collector employed.
    • Improve collector productivity by 5%.
    • Reduce time it takes from initial delinquency to settlement.
Read More

Tags: Collection and Recovery Operations

The 4 Steps to Customer Segmentation

Posted by Nikos Lambrou on Thu, Mar 23, 2017 @ 01:00 PM

Customer segmentation refers to the strategy of dividing customers into groups based on characteristics to better tailor messaging and communicate to each audience. These characteristics might include type of debt, amount of debt or location.

It’s important for collections departments to segment customers because they have complex differences. Each customer is in a different collections stage and a unique financial situation. Segmenting resolves obligations in a way that resonates with customers while improving collections rates. 

Continue reading to learn the four steps to implementing customer segmentation at your organization. 

Read More

Tags: Self-Service

The Top 3 Obstacles to Effective Personnel Management

Posted by Chris Maranis on Tue, Mar 14, 2017 @ 08:30 AM

Personnel are your collections department’s biggest expense and biggest opportunity to improve performance. The difference between losing money on staff and having staff produce more than you thought possible is effective management.

When you effectively manage collectors, you increase productivity, accuracy and performance. Well-managed collectors positively impact the bottom line and customer satisfaction rates. But there are three major management challenges anyone who runs a collections team faces. 

Keep reading to discover what they are and how to avoid them.

Read More

Tags: Collection and Recovery Operations

How to Create an Effective Collections Personnel Capacity Plan

Posted by Marios Siappas on Thu, Feb 23, 2017 @ 09:00 AM

Capacity planning is commonly used in business computing and information technology. Simply put, it’s a process that helps determine what resources a business will need to satisfy the changing demands for its products. In a collections department, personnel capacity planning helps your organization understand how many employees you need to manage a certain number of accounts, including accounts today and those projected for the future.

Read More

Tags: Collection and Recovery Operations

Debt Collection Software, Disruptive Technology and the Telecom Industry

Posted by Michael Melachrinidis on Fri, Feb 17, 2017 @ 10:00 AM

Technology has changed the way the telecom industry operates and how it interacts with its customers. Customers demand the ability to communicate with companies at the touch of a button and on their terms. Telecoms have no choice but to keep up. 

That’s just one example of the brave new world telecoms face. And they know it. But a large number of companies still have old systems and technology in place, which makes it difficult for them to adapt. These companies are at risk of falling behind, and being outdone by more forward-thinking competitors. What’s more, telecoms must make these serious technological transformations all while keeping costs inline with budget.

Telecoms must be aware of the disruptive forces on the horizon. That’s the only way they can adapt, survive and thrive. They need to be able to adjust to the changes happening around them and lead the industry forward.

Continue reading to learn more about current technology trends that are going to shake up the telecom industry forever.

Read More

Tags: Telecoms

The Best Metrics Collectors Use to Boost Performance

Posted by Raul Gaitas on Thu, Feb 09, 2017 @ 09:00 AM

Traditional collections operations used tactics like cold calling that made measurement difficult. Now, in modern debt collections, metrics have expanded and evolved into collector productivity, collections and recovery performance, and capacity planning. Your department should gather data on all segments and report on specific metrics to improve collections performance. 

Read More

Tags: Collection and Recovery Operations

3 Powerful Lessons Islamic Finance Has For Retail Banks

Posted by Raul Gaitas on Fri, Feb 03, 2017 @ 11:00 AM

Doha_skyline_in_the_morning_12544910974.jpgIslamic banking used to be vogue only in Asia and the Middle East. In 2012, 43% of industry activity was in Iran, according to The Economist. Saudi Arabia and Malaysia accounted for 22%. But the asset class’ appeal is growing fast. The Economist pegs the industry to grow 19.7% per year until 2018. And as Islamic banking booms, its geographic footprint is growing, too.

Banks in the west have raised money with a type of bond (sukuk) used in Islamic finance. And countries outside Muslim-dominant nations are considering issues.

Retail bankers have learned to appreciate Islamic banking's high sustainable growth. They're also fans of its responsible capital allocation.

Yet that's not all they can learn from this industry. Islamic banking offers retail banks in mature markets three big lessons on how to grow in 2016. 

Read More

Tags: Islamic Banking