Collections for Financial Services Institutions
Are you falling behind with your collections?
Dara Kiernan has a MSc in Financial Services and has managed some of the most successful collections teams in Ireland over the past 20 years. From implementing cost saving and performance improving technology, to designing customer centric and compliant collections strategies, Dara has led the industry for many years and is recognised as a collections expert.
Strategies for financial services collections
His strategies for financial services collections are designed using customer experience models, forecasting the cycle of economic trends, and ensuring that customer loyalty and credit management operate in tandem to ensure customer retention, no matter the circumstance. In his opinion, if you don’t rehabilitate your customers, and provide them professional and courteous service in the tough times, your competitors will.
Why outsourcing to agencies doesn’t work
If you are outsourcing your collections, you’ve already failed to retain and rehabilitate, and you’re too far down the process. This is neither fair to you nor your customers. The issuance of credit to your customers as a service includes the collections process. This must remain within your operation. If you don’t outsource the issuance of credit, why outsource the collections of it? Surely that just increases the cost of credit, and therefore negatively impacts the initial service being provided to the customer