Collections Intelligence is a category of business intelligence (BI) that surfaces insight from agent and borrower interactions to improve collections processes. Collections Intelligence is analogous to all BI, but specific to the loan operations space. It is made up of two parts: information and applicability.
Why does it matter?
Collections Intelligence may sound like another boring data term, but collections is personal. Money is personal. So, Collections Intelligence is about discovering the right information to make an extremely robotic process more human. It is built on a key desired outcome: helping consumers deliver on their promises.
Collections intelligence improves processes
Collections Intelligence stems from understanding the consumer’s psychology. The purpose of understanding the information is to allow agents to help a consumer deliver on a promise — it taps into individual, innate fears. Therefore, insights from borrower conversations must be applied in a way that brings the process closer to feeling human.
This is especially important because, given the regulatory burden of conducting debt-related processes legally and equitably, they can often become robotic.
Let’s consider the core objective: resolution. Collections Intelligence helps you decide which promises you can help consumers keep, and when and how. As a lender or an agent, you don’t want to keep consumers waiting for issue resolution, and you don’t want to harass people as a method of “helping” them keep promises.
Process improvements create better service
With the right information and tools, you can discover the right place (channel), right message, right strategy, and right agent to help reach resolution with each borrower. By finding the information that is more specific and valuable, you can become more personalized and more human with this process.
Then, the process can be adapted. You don’t have to be burdened with process — indeed, with the right information at hand, you can *use* the processes or workflows you develop to create better service.
Better service improves quality of life
Becoming better at using information to develop your people, processes and systems is how you become better at providing service to the end consumer. The ultimate beneficiaries of all of these efforts are not your data, or your processes, or your services — they’re the millions of Americans in debt.
After all, friends don’t let friends harass people for money. Collections Intelligence can keep you friendly with every person whose path your agency crosses.
Start where you are and use what you have
You have data. Lots of it. But data is only as good as its applicability to improving systems and processes.
Consider, for instance, your count of DNCs (Do Not Calls). That information on its own is relatively meaningless — but if you could apply information about the DNCs to your workflows, you could ensure you never violate this request again. In fact, every process and workflow has some impact: information is the material you’ve got to feed in to make that impact positive.
So start where you are and use what you have: A bunch of valuable data that can change the way you help your consumers.
Ready to find out how you can improve processes with Collections Intelligence? Reach out to our team below.