Collections Optimisation - What is it?

So how often do you hear the words “Collections Optimisation” in Collections? Pretty much every day. “We need to optimise our performance,” “We are not running at the optimum.” What does it mean?

?Well, first it does not mean you have all the bells and whistles of a fully modern Collections solution. Scoring, segmentation, decision engine, third party system allocation, Dialler, Comms engines, A.I., Portals etc. etc. You may not need all that stuff. If your business is simply personal loans, you probably do not need a sophisticated Behavior scoring system as the only behavior is pay or do not pay.

?So, what is it? For me it is simply being all you can be with what you have now. The results and performance may not be very good but you are running at the optimum given what you have.

?Just make sure:

·???????? You are using all the functionality you have and there are no missed opportunities

·???????? Challenge strategies and communication protocols continuously

·???????? The organisational structure is supporting fully what you need

·???????? Staff are up for it

·???????? Capacity is being managed and planned

·???????? You look at the market and see what others are doing. Talk to your system suppliers

·???????? Your third-party suppliers are on the ball

·???????? Get regular feedback from agents on what they are actually doing, not what you think they are doing. This is a great source of change for the better

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Happy collecting!!