What action can Banks and Building Societies take to understand their debtors better and improve recovery rates?
From our own experience of working with Banks and Building Societies, we have identified that if successful transformation of the debt management process is going to happen, the fundamentals need to be put in place. This means starting with the customer
journey and understanding each and every touchpoint they have with your organisation, their data, their expectations, their likelihood to repay and making sure relevant information, educational materials and opportunities to repay are available at
each stage of the process.
At Sopra Steria we have designed a Debt Management process which takes into account an organisations needs in terms of timely collection and a debtors requirements at each stage of the lifecycle. Our model can be implemented or tested at any stage and contains 5 distinct parts: