Consistent data a boon for debt collection
Jun 27 2012, 17:03 PM
Synchronizing customer information across an organization can enable better debt collection call center efforts. Reaching out to customers effectively requires peak interaction skills and can be enabled by strong data management. A recent InsideARM report by risk management expert Robert Fite exposed the value of consistent data for collection.
Fite wrote that sometimes, when customers have more than one outstanding debt, companies will launch separate efforts to collect, each branch unaware of what the other is doing. He stated that awareness of the customer's complete status could change things considerably and advocated for a single view of a customer across a whole company.
According to Fite, the need for data quality tools at medium and large companies is not merely academic - he has observed several firms contending with poor data quality. The problems are compounded by the fact that one of the best ways to organize customers - Social Security numbers - are often stored fragmented and are difficult to use without security risks.
Data is more important in the call center than ever, whether companies are seeking payment or offering customer service. A recent NICE study found that consumers are becoming more accustomed to the idea that companies may already have their information and are starting to expect some awareness of their situation from the moment they call for help.