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Using New Technologies to Enhance Business Performance Donna Weaver, RNN Group.

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Presentation on theme: "Using New Technologies to Enhance Business Performance Donna Weaver, RNN Group."— Presentation transcript:

1 Using New Technologies to Enhance Business Performance Donna Weaver, RNN Group

2 Session desription Recent and pending changes to collections and recovery regulations have stretched existing systems and resources, resulting in ever rising compliance costs and risk. Learn how top U.S. credit issuers and their collection channel partners are using an innovative technology to improve the consumer’s experience, enhance collections, and increase regulatory compliance. Representatives from two leading-edge companies will highlight ways to streamline your operations by leveraging the latest technologies.

3 Leverage data & technology outsource model First Vendor best of breed partner/outsource model Jim Van Schaik, Lexis Nexis Donna Weaver, Amex, Fortune 500 financial shared service center Build the most efficient, cost effective, secure service model in the marketplace Clients focus on core competency to achieve maximum results

4 When to invest in technology for data? Security and compliance Find people faster Reduce expense of finding people Increase resource scalability Cash flow business

5 Procuring Data TRADITIONAL waterfalls Vendor sets BK, Deceased, Military (sometimes phone, address) 1-2 vendors Verified Place of employment, days to get all hits 2-4 vendors (as high as 6) Phones (RPC -verified phones- & raw) 1-3 vendors Raw place of employment 1-3 vendors (as high as 8) Verified Banks, 30 days 1 vendor (high as 2) Raw bank 1-4 vendors

6 Internal Resources Goal: achieve maximum results in shortest period of time Testing new providers Manage files through waterfall(s) Use internal collection and/or skip tracing resources (no value efforts) Work through raw data, typically 3-10% verify Manage not buying same bad data multiple times Manage multi vendor security and compliance docs

7 ROI Cost of data Cost of resources Security and compliance

8 Leverage technology and best of breed data partner First data outsource model – one-to-many connection Multi product, multi-tier product types under one umbrella Technology to streamline processing and custom build waterfall rules within system Full security and compliance

9 One to Many Custom Waterfall Services Products


11 Best of breed technology & data partner One secure and compliant partner Remove no value touch points in collection environment Accurate data faster Lower data costs Scale resources on value add Control Consistency Visibility

12 Cash flow Leverage extended pay terms, Rev share contingency pricing model Drive highest ROI, shortest period of time

13 Thank you! Donna Weaver RNN Group , extension 700

14 Innovative Receivables Management in a Changing Regulatory Environment

15 Agenda 1.Challenges 2.Solutions 3.A Different Idea

16 Affect issuer, agency, legal, and debt sales 1.Downstream Information Supply Chain 2.Upstream Information Supply Chain 3.Debt Validation 4.Information Traveling with Debt (e.g. complaints) 5.Compliance Management 6.Vendor Oversight 7.Constant Change Challenges

17 Solutions 1.Existing systems and processes 2.Build custom proprietary solutions 3.A different idea - Exchange and Repository Solution

18 Convoke Overview ► What We Do Secure third party data and document exchange and repository Vendor oversight Compliance management Software-as-a-Service ► Initial Market Focus Agency collections Legal collections Debt sales ► Market Adoption Customer relationships with major credit issuers 109 state level attorneys and 5 national legal networks 22 national collection agencies 119 registered debt buyers

19 Agency #1 Agency #2 Legal Debt Buyer Credit Issuer Third Parties Single interface System of record integration Bi-directional information 2 Measure, analyze, report Vendor oversight – audit/edit Compliance management Mobility across channels Compliant & dispute tracking Internal/external audit tool Exchange & Repository 3 1

20 Agency and Legal 1. Issuer and third party data and documents maintained together 2. Common scoreboard 3. Immediate access to data/documents addressable at account level 4. Document pre-load, ordering, delivery, and tracking 5. Case ready legal files 6. Complaint tracking 7. Debt validation and dispute resolution 8. Upload data/documents from channel partner based upon issuer criteria 9. Audit and vendor oversight tools 10. Easily move accounts among channels Exchange Functionality Debt Buyers 1. Documentation available prior to or at time of sale 2. Document ordering and delivery 3. Billing, cash collections, enforcement of issuer/debt buyer contract terms 4. Chain of title tracking 5. Complaint tracking 6. Audit and vendor oversight tools

21 Exchange Metrics Metric Dec 2011 Dec 2012Dec 2013Oct 2014 Accounts6.2M8.4M11.1M13.5M % Increase35%32%18% Documents.8M2.1M3.2M13.3M % Increase163%52%316% Supported Documents % Increase567%195%46% Network Size % Increase188%126%58%

22 Agency Documents 1)Affidavits 2)Attorney Representation 3)Cease & Desist Notice 4)Claim Package 5)Complaint 6)Debtor Correspondence 7)Demand Letter 8)Estate Insolvency Notice 9)Estate Inventories 10)Correspondence 11)Notice of BKY 12)Notice to Creditors 13)Other 14)Power of Attorney 15)Proof of Insolvency 16)Settlement Letter 17)Settlement Letters 18)Promise to Pay Issuer Documents 1)Access Check 2)Affidavit 3)Application 4)Chain of Title 5)Change in Terms 6)Credit Agreement 7)Monthly Statement 8)Payment Copy Large Bank Document Types

23 Legal Documents 1)Additional Affidavit 2)Adverse Outcome 3)Answer... 22)Hearing 23)Judgment 24)Judgment Copy Agreement 25)Judgment Copy Contested 26)Judgment Copy Default 27)Judgment Copy Stipulation 28)Judgment Copy Summary 29)Judgment Copy Trial 30)Judgment Execution 31)Judgment Renewal 32)Judgment Set Aside... 51)Settlement Release 52)Stipulations Consent 53)Substitution of Attorney 54)Suit Filed 55)Summons 56)Summons and Complaint 57)Time Stamped Affidavit 58)Time Stamped Suit 59)Vacated Judgment 60)Validation Documents Large Bank Document Types (cont.)

24 Document Exchange & Repository Vendor Oversight Regulatory Compliance Improved Consumer Experience Improved Economics Bi-directional document mobility Data and documents travel with accounts across channels Detailed document order and delivery tracking controls Complete visibility to vendor performance metrics Issuer/vendor see the same information Internal/external audit tool Enables compliance with regulations Loan files addressable at account level Adaptable to changing regulatory environment Transparency yields improved consumer experience Shortened timeline to resolve complaints and concerns Analytics identifies area for process improvement Enhanced revenue and/or cost reductions for issuers Cost reductions for collection channel partners Improved collection rates Adoption Drivers

25 Exchange Examples Stocks and Bonds Shipping Telecommunications Unsecured LendingCommodities Tickets

26 Change is hard, but it is possible

27 Appendix A Selected Screen Shots

28 Audit Detail

29 Audit History

30 Create New Complaint

31 Complaint Documents

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