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Locate-Connect-Verify: High-Tech Solutions in Collections

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Presentation on theme: "Locate-Connect-Verify: High-Tech Solutions in Collections"— 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 Doug Hendrickson Director of Educational Services – VeriFacts, Inc.
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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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). 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

5 Building Your Skip Trace Waterfall
More isn’t always better. Make sure your skip trace waterfall meets your needs and isn’t 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, ● St. Pete, Florida

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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

8 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

9 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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

11 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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, ● St. Pete, Florida

12 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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, ● St. Pete, Florida

13 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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, ● St. Pete, Florida

14 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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, ● St. Pete, Florida

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

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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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

20 TCPA Challenges to the Collection Industry
Persons using auto dialer technology or prerecorded messages are required by the TCPA to obtain the “called party’s” “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, ● St. Pete, Florida

21 TCPA Challenges to the Collection Industry
In 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, ● St. Pete, Florida

22 TCPA Challenges to the Collection Industry
Creditors cannot accidentally call the wrong consumer cell # on a number that HAS express consent. If a borrower’s 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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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. 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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

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

26 LiveVox Private VoIP Cloud ™ Functionality
Applications ACD/PBX Predictive Dialer IVR Call Recording Configuration Manager Campaign Manager Compliance Suite Real-Time Reporting Business Analytics Call Scripting Features Benefits Cloud Capacity Provisioning Fully burstable, addresses contact center seasonality Portability Ensures optimal licenses and technology across locations Cloud-Based Switching Global load balancing enabled through network-layer, real-time presence, routing & screen pops PCI-DSS Certification Simplifies multi-site security Features Benefits Redundancy Eliminates 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 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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

28 Cloud Enabled Simplicity
LiveVox’s Cloud Based Platform Provides Enables Network Simplicity Premise-Based Complexity & Silos Cloud Enabled Simplicity VS. STRATEGIC BENEFITS: 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 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

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, ● St. Pete, Florida

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, ● St. Pete, Florida

31 Enabling Unprecedented Speed To Market: Big Data
LiveVox’s Cloud integration capabilities dramatically simplifies and accelerates 3rd party application adoption ABOUT: ABOUT: A leading global BPO service provider with a global network of 100+ contact centers with more than 24,000 agents in 11 countries An accounts receivables company with over 1,300 agents across multiple sites, servicing over 2 million Americans Goal: Adopt a cutting edge 3rd-party personality matching application across multiple sites & business lines Goal: Integrate Speech Analytics across all operations to mitigate compliance risk Achievement with LiveVox LiveVox’s 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 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 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

32 to Centralized Operations Integrating Operations
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

33 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, ● St. Pete, Florida

35 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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, ● St. Pete, Florida

36 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
Operating Metrics Metric Dec 2011 Dec 2012 Oct 2013 Accounts on Convoke 6.2M 8.4M 11.1M % Increase 35% 32% Documents on Convoke 782K 2,132K 10,217K 173% 379% Supported Documents 3 20 53 567% 165% Total Network Size 25 72 142 188% 97% 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

37 Documents Supported By Convoke
Issuer Documents Access Check Affidavit Application Credit Agreement Chain of Title Change in Terms Monthly Statement Payment Copy Legal Channel Documents Answer Attorney Representation Notice Cease & Desist Notice Closure Notification Complaint Complaints Response Continuance Counter Claims Court Motions Debtor Correspondence Default Affidavit Demand Letter Discovery Dismissal DOD Active Service Verification Firm Correspondence Garnishment Order Hearing Judgment Judgment Execution Judgment Renewal Judgment Set Aside Motion for Summary Judgment Affidavit Other Payment or Settlement Stipulation Power of Attorney Post Suit Miscellaneous Pre Conversion Active Litigation Pre Conversion Judgment Resolution Proof of Service Property Mortgage Reaffirmation Release of Lien Satisfaction of Judgment SCRA Judgment Affidavit SCRA Release Settlement Letters Settlement Release Stipulations Consent Substitution of Attorney Suit Filed Summons Time Stamped Affidavit Vacated Judgment Validation 2013 Knowledge Symposium November 5-7, ● St. Pete, Florida

38 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida
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, ● St. Pete, Florida

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

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


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