Collections: There’s So Much We Can Do for You! - Concentrix - ContactCenterWorld.com Blog
By Balaji Vittal
Global Delivery Process Leader – Collections
Concentrix offers a comprehensive set of financial services that covers the entire range of your financial institution’s value chain. Let’s look at one aspect of our services—Collections—where we have touch points with the various stakeholders in your organization, as noted below, and explain what value our Collections services add for each of the stakeholders.
Risk Head. Ensures regulatory compliance, reputational risk, internal audit compliance, financial delivery.
Business Owner. Retains profitable customers on book (because delinquent customers are profitable), thus optimizing collections effectiveness.
Chief Financial Officer. Manages cost, efficiency and flexible models.
Collections Head. Ensures cost of operations, domain expertise, experience, platform availability, the service provider’s ability to scale up, service provider’s history of strong delivery.
Regulatory Compliance Head. Oversees regulatory compliance.
Service Quality Head. Manages customer experience, detecting wrong sale and customer satisfaction.
In other words, the Collections function does more than just collect. This is helpful to keep in mind when you’re considering a service provider to manage this area for you, and want this provider to truly partner with your organization. Furthermore, Concentrix can:
Reduce Delinquencies. We handle your credit risk process and reduce your roll rates, delinquencies and provisioning.
Flexible pricing models. We can serve you on a full-time equivalent basis or through a “skin-in-the-game” arrangement. In the true spirit of partnership, the latter uses outcome-based pricing in our contracts.
Ensure Risk & Controllership. This consists of IT security risk, contractual risk, operational risk (including FMEA at people, process and system levels), proactive fraud control units and regulatory/ compliance risk management.
Improving management of working capital. We collect revenue faster and more efficiently, reducing your inventory churn.
Improving customer experience. We deliver outstanding results on customer-facing metrics supported by advanced analytics.
Reducing cost of collections. We reduce your cost to collect each dollar by building scale and efficiencies.
We achieve this through the four-pillared Intelligent Collections Ecosystem (ICE) offering. It comprises:
People. The collective talent pool in the Collections Center of Excellence.
Process. Managing and delivering each step of the Collections process with well-defined key performance indicators.
Analytics. Propensity models, risk segmentation, social media analytics, analytics based tools like C2C and CRMC, voice analytics and analytics to support digital transformation initiatives.
Technology Assets. The collections platform with diverse and flexible capabilities.
We can partner with you in diverse ways, ranging from low customer engagement to high, depending on your need, as illustrated below:
Publish Date: April 12, 2016 5:00 AM
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