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• W270147140 abstract "Successful collection of delinquent payments on consumer debt, particularly in a recessionary climate, requires finding the right balance in the use of psychology automation. Collectors-or adjusters, as they are sometimes called--are honing their interpersonal skills to minimize the negative associations customers have with being contacted by a collector. At the same time, new generations of predictive dialing systems are becoming available to increase the efficiency with which collections personnel can contact debtors. Predictive dialers are automated outbound telephone call systems that dial numbers from a list in a database until a person answers, at which point the call is routed to a collector. Most systems also bring up the customer's account information on a computer screen simultaneously. This relieves the collector of having to dial numbers that result in busy signals, answering machines, wrong numbers, all of which waste time. When the collector hangs up with one customer, another is waiting. Survey results. A survey of 250 collection executives at banks, collection agencies, finance companies confirms the increasingly important roles that technology improved customer relations are playing in their ability to recover debt. Western Union Quick Collect Survey on Consumer Credit Collection Trends, released in May, found that 78% of respondents anticipate a greater use of technology in the collection process. Systems mentioned in the survey include automated collections dialing systems, power dialing, electronic transfers, new computer systems, Western Union's Quick Collect service. Quick Collect lets debtors wire cash payments to banks that subscribe to the service in a matter of minutes, instead of sending an overdue payment through the mail or via overnight delivery. By wiring a cash payment, there is no risk of a check not clearing because of insufficient funds or being lost on delivery to the bank. Over half of the respondents (56%) expect collection operations to become more consumer-relations oriented, while 33% think the opposite will be true. Bank respondents, in particular, are quite focused on customer service in their collections, says Michael C. Yerington, vice-president of sales marketing at Western Union, Upper Saddle River, N.J. Perhaps because of the recessionary climate, a lot of banks in the survey are working with customers on providing extended payment plans, he says. Wyoming banks are in the enviable position of having the worst of the recession its effect on collections behind them. Wyoming economy was in poor shape five years ago, delinquencies on consumer loans reached 5% at that time. Our average rate of delinquencies now is about 1.25%, says Janet Julian, vice-president consumer loan manager at Hilltop National Bank, Casper, with $118 million in assets. We figure our revolving credit separately, but it's extremely low, too---it's less than 1%, she adds. Hilltop National Bank, unlike its larger counterparts, uses no automated systems or outside collections agencies for collecting overdue payments. But lack of technology hasn't hurt the bank's effectiveness. One collector spends about three hours per day contacting delinquent customers working with them on repayment options, says Julian. The last thing customers want to do is let their bank down if we work with them, notes Julian. If the collector isn't authorized to make a certain credit decision, a loan officer might make the decision call the customer back himself. The customer gets a lot of personal contact from the bank, says Julian, and I think it makes a big difference in working with the customer later on. More collections work. But most bankers contacted for this report point to an increase in the volume of work handled in the collections area in the past 18 months as sufficient reason to stay current with collections techniques new automated systems. …" @default.
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