Accurate Customer Data
The rapid growth of the credit industry in the last 10 years has resulted in massive databases of customers being created in the UK. Every year 14% of people move and 7% of people die. Static repositories of data are therefore constantly battling against this change.
Debt Modelling
All businesses have debt and all debt has value. However, knowing the actual value of your debt is imperative especially in the current economic environment.
Debt Tracing
People's circumstances change all the time. 14% of the country moves every year including debtors. Tracing people is an expensive business because it requires people, time and data. Getting the debtor to respond is vital as once you're communicating with them you improve your chances of debt collection. The debt tracing process is therefore a vital step in ensuring your debt collection doesn't become a debt write off.
Sweating your Data Warehouse Asset
The investment in the development of the single customer view in Credit Services organisations has been huge in the last 5 years. Having all of customers transactional data in one place can create tremendous insight as well as workflow and customer service benefits. From these warehouses, you can rank customers by value, by product bought, compliance attained and aid auditing of compliance as well as many other benefits. So you can answer questions like, who are our best customers, as measured by cost, revenue and profitaility. But can you answer why they are your best customers in terms of their ability to service their debt?
Accurate Customer Data
Without accurate data, processes become complex, increasing workflow, headcount and ultimately costs. Ultimately the customer experiences bad service leading to more expense putting it all right. This vicious circle is usually the direct result of simple things like addresses being out of date or duplicate records in a database with the wrong actions against the wrong record. For example a 100,000 record error, often less than 1% of a company's database can have a 21% deceased and goneaway content just because the records are only a year old. The average cost of sending a letter is 34p which means a sunk cost of £7,140 alone in mailing the wrong address. The problem is how to deal with this constant change to keep costs under control and your service high.
Our Solution
Reacting constantly to a constant state of change can only give one outcome, a constant problem, Data Discoveries' systems Verify and Enhance are designed to identify change as an embedded, automated and hence proactive process. As a result you are kept constantly informed of the change that is occurring to your customer's name, address and postcode data. Data Discoveries are the only company who supply solutions in this way.
Debt Modelling
Collecting debt is an involved process, that increases in cost the longer it takes because more letters are sent and phone calls made to the debtors equal higher costs. Given tthat he value of the debt doesn't increase with these costs; margins are eroded the further along the process you go. Herein lies the problem. You can only decide, arbitrate, on whether you are going to continue to collect if the absolute value makes it worth while. Therefore the arbitration to continue is based on the only thing you know, the value of the debt, not how likely you are to collect it.
Our Solution
Data Discoveries' Software enables you to understand the change of people's propensity to pay. We do this by creating a process which models the value of the debt, to historic successes, and failure of your debt collection process, to the background of the individuals involved. Fundamentally what we enable you to do is to understand consumers changing demand and their propensity and ability to pay. So you can arbitrate on how much resource you want to invest, because you understand the true values of the debt receivables.
Data Discoveries' View shows you what is happening in your customers' lives. By tagging relevant data such as home movement, deceased, child birth, share registers, as well as demographic and lifestyle variables, but View is much more than a reporting tool, it is a process platform. Coupe this with Data Discoveries' data modelling expertise and we can help you identify people who are going through a process of change and provide you with the proactive workflow to help you manage your debtor communication more effectively.
Debt Tracing
One of the biggest problems for debt control and collection is finding where debtors have moved to. This is further compounded by the fact that you always find out they have moved after the event. As a result you are committed to spending time and resource looking for them. Historically this has meant using a third party organisation to help so you can only apply your debt recovery procedures, once the tracing process is complete.
Our Solution
Data Discoveries' systems will take a customer file, verify them as residents, deceased or goneaways, and trace the goneaways to their new addresses. Of the 20 largest Debt Collection Agencies in the UK, 14 use Data Discoveries' systems.Sweating your Data Warehouse Asset
Warehouses record history. They are a repository of information. They are huge and predominantly off line. With modern processing power and modelling techniques we can create insight. Off line. But in today's modern on-line, web enabled fragmented media, we need to access insight in real time. We need to understand our customers immediately and cater to what they want to leverage the true benefits of all of this information. Typically therefore, the data warehouse platform is too unwieldy to support a real time environment. The data models are difficult to apply in the multitude customer facing environments of the 21st century organisation.
Our Solution
DD View brings together data, data models, customer change of circumstance data, your data, together in a browser based, thin, application layer. The benefit is you can therefore drive workflow, be it geared towards sales or service, to deliver real time understanding of your customer's individual and household demand. This brings your warehouse alive.
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