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Locate-Connect-Verify: High-Tech Solutions in Collections Lynn Heinemann, Vice President of Sales - Account Control Technology, Inc. Doug Hendrickson,

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Presentation on theme: "Locate-Connect-Verify: High-Tech Solutions in Collections Lynn Heinemann, Vice President of Sales - Account Control Technology, Inc. Doug Hendrickson,"— Presentation transcript:

1 Locate-Connect-Verify: High-Tech Solutions in Collections Lynn Heinemann, Vice President of Sales - Account Control Technology, Inc. Doug Hendrickson, Director of Educational Services – VeriFacts, Inc. Chris McMillan, Director of Sales - LiveVox Dave Pauken, CEO - Convoke Systems

2 Skip Tracing Doug Hendrickson Director of Educational Services – VeriFacts, Inc.

3 Why is Skip Tracing Important? Whether you use locate information to drive contact efforts or for asset identification, skip- trace information is a critical component that can help drive collection and recovery dollars Knowledge Symposium November 5-7, 2013 St. Pete, Florida 3

4 Why is Skip Tracing Important? The first, and most critical, step to any successful default prevention/default collection effort is the ability to contact (locate) the borrower. If you are unable to contact (locate) the borrower, you are unable to communicate with that borrower regarding the status of their student loan(s) Knowledge Symposium November 5-7, 2013 St. Pete, Florida 4

5 Building Your Skip Trace Waterfall More isnt always better. Make sure your skip trace waterfall meets your needs and isnt duplicating internal processes. How does using a dialer or not using a dialer impact your skip trace waterfall needs? 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 5

6 Building Your Skip Trace Waterfall Make sure your skip trace waterfall levels complement each other. Top level raw data scrubs of a portfolio are cost effective and can cover a high volume at a cheaper rate. However, the data is not verified in these data scrubs Knowledge Symposium November 5-7, 2013 St. Pete, Florida 6

7 Building Your Skip Trace Waterfall As you mine down into your portfolio, manual skip tracing is more effective. Although manual skip tracing is more expensive, the data is verified Knowledge Symposium November 5-7, 2013 St. Pete, Florida 7

8 Social Media Social media search is more prevalent today than ever before. Automated screen scraping violates most site user policies. However, the info is publicly viewable Knowledge Symposium November 5-7, 2013 St. Pete, Florida 8

9 Social Media Manual search acceptable, no adding as a friend. There is really no legal precedent to date regarding using social media as a skip tracing tool Knowledge Symposium November 5-7, 2013 St. Pete, Florida 9

10 Vendor Outsourcing ALWAYS vet your skip trace vendors adequately. With the CFPBs focus on creditors today, creditors are now starting to look at 4th party vendors as an area of risk Knowledge Symposium November 5-7, 2013 St. Pete, Florida 10

11 Vendor Outsourcing Creditors need to make sure their vendors are certified/compliant with all applicable state and federal laws, including but not limited to: – Gramm-Leach-Bliley Act (GLBA) – Fair Debt Collections Practices ACT (FDCPA) – Fair Credit Reporting Act (FCRA) – Federal Information Security Management Act (FISMA) 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 11

12 Vendor Outsourcing Creditors need to make sure their vendors are certified/compliant with all applicable state and federal laws, including but not limited to: – National Institute of Standards and Technology (NIST) – Health Insurance Portability and Accountability Act (HIPAA) – Telephone Consumer Protection Act (TCPA) 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 12

13 Vendor Outsourcing Creditors also need to make sure their vendors are certified/compliant in the following areas: – PCI DSS 2.0 (coming out with 3.0) – SSAE 16 (not as in depth as PCI, but deals with management standards) 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 13

14 Vendor Outsourcing Other areas creditors need to review: – On site business validation and security assessment. – Surveys need to be completed particularly for newer companies that may not have audits completed yet Knowledge Symposium November 5-7, 2013 St. Pete, Florida 14

15 TCPA Challenges to the Collection Industry The most frustrating and confusing issue facing creditors today is the degree to which telephony equipment may be used to call mobile phones. This topic continues to be a huge debate regarding preview dialing vs. manual dialing Knowledge Symposium November 5-7, 2013 St. Pete, Florida 15

16 TCPA Challenges to the Collection Industry The TCPA has increasingly become a target for consumers and their attorneys for suits aimed at collection agencies year-to-date TCPA suits are up 70 percent from (insideARM.com October 22, 2013) 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 16

17 TCPA Challenges to the Collection Industry 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida Source: insideARM.com 17

18 TCPA Challenges to the Collection Industry The Third Circuit Court of Appeals held that the Telephone Consumer Protection Act (47 U.S.C. § 227) allows a consumer to revoke her prior express consent to be called using an auto dialer or prerecorded voice Knowledge Symposium November 5-7, 2013 St. Pete, Florida 18

19 TCPA Challenges to the Collection Industry In its decision, Gager v. Dell Financial Services, the Circuit Court reversed a district courts earlier finding that once a consumer provided consent to receive autodialed or prerecorded calls, a consumer cannot later revoke the consent Knowledge Symposium November 5-7, 2013 St. Pete, Florida 19

20 TCPA Challenges to the Collection Industry Persons using auto dialer technology or prerecorded messages are required by the TCPA to obtain the called partys prior express consent before making their calls. While some types of calls are excepted from this requirement, telemarketing and debt collection calls are subject to the TCPA. (insideARM.com August 29, 2013) 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 20

21 TCPA Challenges to the Collection Industry In Nelson v. SantanderIn Nelson v. Santander, a Court held that preview dialing (using a dialer with human intervention) violated the TCPA due to the capacity of the telephone system used. That order was subsequently vacated, leaving debt collectors to question the efficacy of preview dialing. (insideARM.com September 25, 2013) 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 21

22 TCPA Challenges to the Collection Industry Creditors cannot accidentally call the wrong consumer cell # on a number that HAS express consent. If a borrowers old cell # has been re- assigned by the cell provider, express consent is no longer valid. Creditors today are trying to scrub the express consent portion of their portfolio to minimize situations like this Knowledge Symposium November 5-7, 2013 St. Pete, Florida 22

23 New Skip Trace Technology Designed to Combat TCPA Challenges VeriFacts understands this challenge to the creditor industry and is currently developing a product that will assist creditors scrub the express consent portion of their portfolio as a proactive check and balance Knowledge Symposium November 5-7, 2013 St. Pete, Florida 23

24 Questions? 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida VeriFacts, Inc

25 Cloud Contact Center Solutions John McNamara, Chief Marketing Officer - LiveVox

26 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida LiveVox Private VoIP Cloud Functionality ACD/PBX Predictive Dialer IVR Applications FeaturesBenefits RedundancyEliminates single points of failure Cloud Integration Faster application deployment across sites Centralized Control Faster and easier change management New Feature Upgrades Keeps pace with changing business needs FeaturesBenefits Cloud Capacity Provisioning Fully burstable, addresses contact center seasonality PortabilityEnsures optimal licenses and technology across locations Cloud-Based Switching Global load balancing enabled through network-layer, real-time presence, routing & screen pops PCI-DSS CertificationSimplifies multi-site security Call Recording Configuration Manager Campaign Manager Compliance Suite Real-Time Reporting Business Analytics Call Scripting 26

27 Impact of LiveVox on Todays Market Redefining What is Possible Point of Efficiency Status Quo: Stagnation Where Cost Outweighs Benefit Impact of LiveVox: New levels of Growth LiveVox removes the cost and complexity of scaling across multiple sites/applications – enabling global contact centers to realize new levels of growth and profit. 27

28 VS. LiveVoxs Cloud Based Platform Provides Enables Network Simplicity Cloud Enabled Simplicity Premise-Based Complexity & Silos Global virtualized Queue Management, Visibility & Unification Real-time Burstable Capacity & Campaign Configurations Fully Redundant, Scalable PCI-Certification & Compliance Suite Single point of integration for rapid application adoptions STRATEGIC BENEFITS: 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 28

29 Impact of Cloud Integration Cutting Speed To Market Up To 80% Why have integrations required so much time? Managing an ecosystem of hardware technology is similar to linking compounding mismatched puzzle pieces. Introducing a new application requires individual configurations and integrations – costing resources and time. Simplicity is the key to rapid speed to market. LiveVox Cloud simplifies the ecosystem, providing a single point of universal integration – for all applications, existing and new. Eliminating complexity removes the root cause of integration delays, shrinking adoption times by up to 80% 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 29

30 Phone Dialing Attempt Supervisor (PDAS) Multi-factor compliance database check Summary Compliance dial levels and Max attempts change frequently Unique rules at state, area code, zip code, or municipality Unrestricted dialing resulted in compliance gaps and risk Solution Leveraged LiveVox dialing platform and APIs to integrate with client compliance databases for multi-factor checks Integration completed within 60 days 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 30

31 Enabling Unprecedented Speed To Market: Big Data LiveVoxs Cloud integration capabilities dramatically simplifies and accelerates 3 rd party application adoption A leading global BPO service provider with a global network of 100+ contact centers with more than 24,000 agents in 11 countries ABOUT: Goal: Adopt a cutting edge 3 rd -party personality matching application across multiple sites & business lines An accounts receivables company with over 1,300 agents across multiple sites, servicing over 2 million Americans ABOUT: Goal: Integrate Speech Analytics across all operations to mitigate compliance risk Achievement with LiveVox LiveVox employs a team of integration experts that collectively boasts over 100+ years of experience in contact center technology LiveVox completed the integration across all desired functions and locations within 45 days Achievement with LiveVox LiveVoxs provides 100% call recording that enables comprehensive data for effective speech analytics LiveVox helped the company integrate speech analytics across the entire enterprise within 30 days 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 31

32 Enabling Unprecedented Scalability: Multi-Site Centralization From Franchise Model to Centralized Operations A preeminent debt buying organization with a partnership network of approximately 1,300 outbound agents distributed across 32 individual contact centers Business sought to streamline all contact centers under a centralized operation LiveVox leveraged MPLS carrier interoperability and multi-site configurations to unify all operations Complete enterprise distributed control, visibility, management, and reporting Standardized procedures and service levels across the enterprise Virtualized, real-time enterprise network deployment and management Increased compliance mitigation across all operations Integrating Operations After an Acquisition Leading hospital receivables management outsourcing company with 200+ agents across 3 contact centers Company made a recent purchase, acquiring 2 additional contact center operations Working with LiveVox, the company sought to integrate the additional operations with heterogeneous workstations into a single platform Within 30 days, LiveVox migrated all operations, agents and workstations into a single, uniform platform Company avoided historic integration and resource requirements of assimilating multiple sites and applications Rapid migration enabled the company to quickly streamline and expand business opportunities RESULT 32

33 Convoke Systems Dave Pauken CEO - Convoke Systems

34 Industry Problems We Work To Solve Service Provider Oversight: Overseeing vendor adherence to contracts & regulations – Ability for issuers to receive, store, measure, analyze, audit, and report on servicers – New CFPB requirements for banks, nonbanks, and supervised service providers – Adherence to service level agreements (SLA) Information Supply Chain: Problems with flow of information in collection systems – Issuer to servicer supply chain – Servicer to issuer and issuer to servicer supply chain – Information mobility across channels and service providers Regulation: Increasing regulation resulting from information supply chain breakdown – Collection activities – Complaints and disputes – System of record discrepancies 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 34

35 Convoke Overview What We Do – Information supply chain solution – Inter-company exchange of information between 3rd parties – Audit and edit functionality – Vendor oversight and regulatory compliance Initial Market Focus – Agency, legal, and asset sales (debt buyers) Market Adoption – Customer relationships with major credit issuers – 5 legal networks, 50 state level attorneys, another 50 onboarding – Over 100 registered debt buyers 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 35

36 Operating Metrics MetricDec 2011Dec 2012Oct 2013 Accounts on Convoke6.2M8.4M11.1M % Increase35%32% Documents on Convoke782K2,132K10,217K % Increase173%379% Supported Documents32053 % Increase567%165% Total Network Size % Increase188%97% 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 36

37 Documents Supported By Convoke Issuer Documents 1)Access Check 2)Affidavit 3)Application 4)Credit Agreement 5)Chain of Title 6)Change in Terms 7)Monthly Statement 8)Payment Copy 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida Legal Channel Documents 1)Answer 2)Attorney Representation Notice 3)Cease & Desist Notice 4)Closure Notification 5)Complaint 6)Complaints Response 7)Continuance 8)Counter Claims 9)Court Motions 10)Debtor Correspondence 11)Default Affidavit 12)Demand Letter 13)Discovery 14)Dismissal 15)DOD Active Service Verification 16)Firm Correspondence 17)Garnishment Order 18)Hearing 19)Judgment 20)Judgment Execution 21)Judgment Renewal 22)Judgment Set Aside 23)Motion for Summary Judgment Affidavit 24)Other 25)Payment or Settlement Stipulation 26)Power of Attorney 27)Post Suit Miscellaneous 28)Pre Conversion Active Litigation 29)Pre Conversion Judgment Resolution 30)Proof of Service 31)Property Mortgage 32)Reaffirmation 33)Release of Lien 34)Satisfaction of Judgment 35)SCRA Judgment Affidavit 36)SCRA Release 37)Settlement Letters 38)Settlement Release 39)Stipulations Consent 40)Substitution of Attorney 41)Suit Filed 42)Summons 43)Time Stamped Affidavit 44)Vacated Judgment 45)Validation 37

38 Functionality Service Provider – Agency and Legal – Issuer and service provider documents maintained together and accessible – Immediate access by service provider of issuer documents – Agency verification and dispute resolution, case-ready legal files – Upload documents and audio from servicer based upon issuer criteria – Audit tools to substantiate compliance – Mobility, visibility, and control over bi-directional document flow – Functionality to enhance SCRA compliance Asset Sales (debt buyers) – Minimum standard documentation available to servicer at time of sale – Document ordering and delivery subsequent to time of sale – Chain of title tracking 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida 38

39 Technology Solution 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida Convoke 39

40 Comparison of Information Supply Chains 2013 Knowledge Symposium November 5-7, 2013 St. Pete, Florida Convoke Systems 40


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