EXUS Collections & Recovery Blog

Marios Siappas

Recent Posts

Chatbots v Live Chat v Call Centres: Which is better for debt collections in retail banks?

Posted by Marios Siappas on Thu, Mar 08, 2018 @ 11:32 AM

The banking and finance sector is ablaze with chatbots. Bank of America, HSBC, Wells Fargo, Swedbank, Capital One – these are just a few examples of major banks that have (or are set to) release customer service chatbots.

For banks, bots are a cost saving; for customers, they are a simple and instant way to resolve issues. The hype is there, but how have chatbots performed in practice? And can human-led customer service channels (like call centres and live chat) still offer value in the debt recovery process?

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CRMs are not the answer to better debt recovery. Here's why...

Posted by Marios Siappas on Tue, Mar 06, 2018 @ 01:57 PM

It may be ten years since the global financial crisis shook the world, but banks and consumers are still grappling with the repercussions.

With multiplying non-performing loans, limited credit availability, and customer debt rising rapidly, debt collections and credit risk management have become a major focus for many financial institutions.

Although awareness is high, the CRM solution currently used by many banks are unable to aid and manage the debt recovery process.

CRM software offers a rudimentary solution to a complicated and ever-evolving problem. It is not the answer to more consistent, economically-sound debt management.

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Crush Your Competitors With A Super-Efficient Collections Process

Posted by Marios Siappas on Thu, Jan 18, 2018 @ 10:47 AM

Computer and money.jpg

When it comes to technology, early adoption doesn’t always lead to ongoing efficiency.

Britain’s railway system, for example, is the oldest in the world, with wagonways first built in the 1950s. Now, though, the system is out of date, and proving tricky to improve. Just 34% of British train lines are electrified, the trains and carriages used are 21.1 years old on average, passenger complaints are on the rise and just 62.5% of British trains arrive at station stops on time.

The Japan National Railway, on the other hand, was privatised in 1987, with much work done to improve its infrastructure in the years since. As a result, the average length of delay is just 0.9 minutes on the Shinkansen line, and Japanese trains are built with a lifespan of a maximum of 15 years to keep things new.

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Tags: Retail Banking, Collection and Recovery Operations, Telecoms, Utilities

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.

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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.

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Tags: Collection and Recovery Operations

Why You Must Improve Your Collections Reputation

Posted by Marios Siappas on Tue, Dec 06, 2016 @ 11:00 AM

Billionaire Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” 

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Tags: Collection and Recovery Operations

What You Need to Know About the Loan Collections Technology Vendor Landscape

Posted by Marios Siappas on Mon, Jul 04, 2016 @ 10:30 AM

Loan collections costs are spiraling out of control, according to CEB TowerGroup - Now Gartner. Thanks to a variety of factors, including a fourfold increase in delinquencies from 2007 to 2010, the cost of servicing non-performing loans has skyrocketed. It stands at 15 times the cost of servicing a performing loan.

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Tags: Collection and Recovery Software

What to Look for In a Debt Collection Software Provider

Posted by Marios Siappas on Mon, Apr 04, 2016 @ 10:30 AM

Debt collection software can only solve so many problems without a solid team behind it. Implementation can take years if done incorrectly, as issues are time consuming and expensive to correct.

The better your software provider, the faster the implementation and onboarding process, and the sooner you see the desired return on investment. Picking the right one is essential if you want to achieve better debt collection results. Here’s what to look for when choosing a debt collector software provider. 

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Tags: Collection and Recovery Software

The Debt Collection Communication Checklist

Posted by Marios Siappas on Tue, Jan 19, 2016 @ 11:00 AM

Too many professionals consider communication a “soft” skill—that is, a non-technical skill that doesn’t require formal training. Unfortunately, that viewpoint leads to significant problems. It devalues communication to a “free time” skill. You know, a skill you’ll get around to developing when you have some free time.

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Tags: Collection and Recovery Operations

Does Your Staff Even Know How To Use Collections Software?

Posted by Marios Siappas on Wed, Jun 17, 2015 @ 10:00 AM
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Tags: Collection and Recovery Software, Collection and Recovery Operations