Collections - Get down with the kids

Published something similar a while ago. But nothing seems to have changed. We need to embrace A.I. significantly and urgently and keep it simple. Don't over analyse or be swayed by folk who say they are going to bring Collections into the 21st Century. Were already there mate, where have you been?

Here's what I published a wee while ago and still rings true with lessons in there for us all

My latest Grandson is doing well. Wonder if I'll have the same conversation with him as I had with my first a few years ago! We need to keep things simple and not complicate a simple process

See below

Kids are great aren’t they? Less than 10 years old they look at you as if you are a God, into teens you are a complete embarrassment, whilst later on they begin to appreciate you more, or so I am told.

?My Grandson stayed recently and I was working on my laptop. Ever inquisitive he piped up:

“Grandpa, what do you do?”

Me “Collect money”

Grandson “Who for?”

Me “Banks and other companies”

Grandson “Who from?”

Me “People”

Grandson “... and when you collect the money what do you do with it?”

Me “Give it to the Bank”

Grandson “... and what does the Bank do with it?”

Me “Gives it to the people”

?He was about to ask another question, paused for a moment, shook his head and muttered something under his breath. Am sure I heard the word “stupid” in there.?He then raised his head again from the play station playing a rather noisy game called COD which, I am reliably informed is not about fish!

?“Grandpa!” “Yes”, said I

“You told me you work in something called “Collections and Recovery?”

“That’s right” said I, pleased that at some point in his life he listened to what I had to say.

?“What’s the difference, then?” he asked

“Well” said I, anticipating an opportunity to educate him in the world of business and suitably impress him, “Collections is when the customer is only a few payments in arrears or over a credit limit and most of the time they “recover” – I immediately realised that was a bad choice of words. “In Recovery the customer has not responded to the early collections activity and we close the account and need full payment which is what we try and collect”.

?There you go, another bad choice of words. The game was now paused.

?“So” he said, looking so superior, “In Collections the customers can recover, but in Recovery you collect the balance” putting great emphasis on the words Recover and Collect.

“Em, that’s right” said I, waiting on the sucker punch

“Grandpa”, “Yes”, “In school we play a game called hop, skip and jump. We don’t call it Jump, skip and hop, as that would be so stupid”

?Dear reader can we now talk about Recovery and Collections instead of Collections and Recovery?! Please!!