1 Collections 101 Rob Fisher VP Customer Financial Solutions PLS Financial Services Scott Helfand Attorney Husch Blackwell LLP. Key Foundational Principles for Efficient and Effective Collections (no matter how many representatives you have)
2 Agenda ● Ground Rules ● Q&A ● Key Foundational Principles● Accountability ● Use of Technology
3 How many? < 25 Collectors Collecting < 5 Tellers Collecting< 50 Specialists Collecting 50+ Customer Service Reps Collecting
4 Are your collectors specialized?VS.
5 Are you filing collection lawsuits?When? Where? Problem: debtors’ attorneys often think the best defense is a good offense.
6 VENDOR MANAGEMENT Keep your eyes and ears open.What you don’t know can hurt you.
7 Rapid Fire Round A consumer protection law, establishing legal protection from abusive debt collection practices. The ability to see the world as another person, to share and understand another person’s feelings, needs, concerns and/or emotional state. True or False – Collectors should ask Yes/No Questions. – The best time to call a customer is midnight. What does the $ in stand for?
8 Hiring the Right PersonCustomer Service vs. Collection What are the personality traits for a successful Collector? What are the personality traits for a successful Customer Service Representative?
9 Hiring the Right PersonCustomer Service vs. Collection What are the personality traits for a successful Collector? Assertive Competitive Goal Oriented Solution Oriented/Quick Thinker What are the personality traits for a successful Customer Service Representative? Positive attitude Respectful Proactive Dependable/Strong Follow-up Find a balanced person if you expect him or her to be a Swiss Army knife
10 Training & Tools Clarify Role Rules of the road– Policies & Procedures – Federal and State Laws – Protecting Customer Information Set performance expectations System Training Provide Soft Skills
11 Soft Skills Training Your customers’ basic needs (What do they want?)Friendly Empathetic Fair Solution Oriented Provide Accurate Information Your customers’ expectations (What do they think?) Attitude may be shaped by prior experiences Diffuse the stereo-type Be Helpful Take an interest in resolving their debt Listen, Listen, Listen Details are important Determine Unexpressed Need Negotiation skills and guidelines Don’t take things personally
12 Building a Strategy Make Collections a priority– Non-negotiable time for calls and follow-up – Provide a space for collection activity Be Consistent – Don’t manage by crisis Document all collection activity Set Expectations along with accountability Manage KPIs
13 How much time do I need for collection activity?
14 Individual & Team AccountabilityInspect what you expect QA – Build a scorecard of KPIs « Attempts per hour « Call Gaps « Proper Follow up « $ Collected « Promises to pay (Broken Promises) « Liquidation (% Collected of Outstanding Balances) « Conversation (Side-by-sides, Call Recordings)
15 Hosted/Cloud Based TechnologyTechnology only available to “big” companies is now available to anyone. Hosted Services make it possible to scale solutions for your organization without large capital investments. TCPA compliance – get consent! Scrub, scrub, scrub.