A hot topic area for the debt
collection and trace industry is regulations and what future regulations will mean
to the industry as a whole. There are a number of key Issues that to the most
part revolve around the following areas:
· Technology
– There is currently a big push for a single customer view within
organisations. Greater insight in to the customer drives business efficiency. Business
intelligence systems also offer customers fairer value as they can be treated
on the basis of fact.
· Compliance
– Quality assurance needs to be of the up most importance and customer contact
needs to be undertaken in a compliant and respectful manner.
· Complete
and Accurate Data – Availability of and access to accurate data on
customers is a must, through having a comprehensive picture of a debtor through
a single customer view there is less of a likely there will be errors made.
· Demonstrating
Fairness – There is a need to demonstrate to the customer outcomes were
fair as well as why are you treating someone in a particular manner?
· Accountability
and Intervention – There is becoming an ever greater level of emphasis on
senior management being responsible for the decisions that are taken at an operational
level. Therefore, it is now more crucial than ever to have the correct systems
in place to make sure the right judgements on collections and trace processes
can be made.
For our latest FREE
report released spring 2012 looking at the issues around being compliant within
the trace industry, please call now on 0161 713 2213 alternatively email us at info@tracehunter.co.uk.
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