The EXUS Financial Suite (EFS) might primarily exist to help retail banks take control of their debt collections operations, but it also offers a significant amount of flexibility when it comes to planning and testing new collections strategies.
Our software uses sophisticated simulation tools, which allow our customers to test different approaches to ensure the most effective collections possible. The “Champion Challenger” wizard, meanwhile, lets teams conduct real-world strategy tests on a percentage of their accounts.
Here, we’ll examine not only how these tools function but how they could be used to solve certain challenges for banks and to help them improve their existing debt collections strategies and processes.
How it works
The EFS is a web-based and multilingual software suite that supports a range of different currencies for maximum global flexibility. When you log in to EFS as an administrator, you are greeted with a dashboard that reveals the overall performance of your call centre agents - for field agents a standalone module exists.
The software revolves around the concept of metrics, business rules, segments and steps, all of which can be grouped into bespoke debt collections strategies that are visualised in a handy workflow.
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There are around adjustable 400 metrics to choose from, depending on the data your bank is able to collect, while the rules generally refer to the number of days between steps. The steps themselves represent the various phases of the debt collections process.
Segments, meanwhile, are created by the user. For example, you could segment accounts based on age or gender. More effective, however, is segmentation by risk or by metrics such as early or late collections.
Once your segments have been built, you can then use the EFS to define your strategies (or workflows) for these segments, and this is where the real potential for testing comes into play. The workflow editor is where you make all of your major strategic tweaks. From here, you can assign strategies to segments. This gives admin ample opportunities to chop and change strategies between different segments and different customers.
Our customers can test and measure their strategies using two key pieces of functionality.
Champion/challenger testing is, simply, A/B testing. This can be anything from the drastic (removing costly field calls from the workflow) to the more subtle (changing the amount of time before progressing from one collections phase to another).
Do people over 50 respond better to phone calls or letters? Do women prefer SMS messages? Can we encourage people in serious debt to settle by catching them early with a specific type of communication? The champion/challenger functionality will tell you.
Once you’ve defined a new workflow, you can run it for as much time as you’ll need to gather actionable insight and when the time period has ended, you’ll have a tangible report on the effectiveness of each strategy via the EXUS Collections Analytics platform.
Alongside Champion Challenger, EFS also contains a number of simulation tools that allow collections teams to simulate new strategies and test how they could impact operations and the success of customer payments before you trial it in the real world.
In the EFS, the workflow of each customer is tracked - with everything from emails and letters sent to the number of payments made grouped into individual customer performance sheets.
In situations where customers have promised to pay, there is more advanced functionality to consider where teams can effectively simulate a new instalment plan based on how much a customer is able to pay and in how many instalments.
The real bulk of the simulation power, however, is in the tools that allow teams to test plans on a wider scale. EXUS Collections Analytics is an incredibly powerful tool that is built on the AI platform MicroStrategy, which allows users to create analytical reports from various strategies before actively implementing them.
The bottom line
The EFS proves that testing doesn’t have to be a costly and laborious operation. By allowing banking teams to test new debt collections approaches before fully implementing them, the EFS and the expanded EXUS ecosystem can help debt collections teams continually improve their strategies and processes to improve the customer experience and lower costs.
The real power of the EFS from a testing perspective is the ability to apply different strategies to different segments and mix and match those strategies. When combined with the in-depth and easily actionable insights from EXUS Collections Analytics, banks should have all the tools and the functionality they need to work with and for their debtors more effectively, more efficiently and more successfully.