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Using New Technologies to Enhance Business Performance

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Presentation on theme: "Using New Technologies to Enhance Business Performance"— 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

10 RNN multi-vendor waterfall flow (ED) example

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 Challenges Solutions A Different Idea

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

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

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

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

21 Exchange Metrics Metric Dec 2011 Dec 2012 Dec 2013 Oct 2014 Accounts
% Increase 35% 32% 18% Documents .8M 2.1M 3.2M 13.3M 163% 52% 316% Supported Documents 3 20 59 86 567% 195% 46% Network Size 25 72 163 258 188% 126% 58%

22 Large Bank Document Types
Issuer Documents Access Check Affidavit Application Chain of Title Change in Terms Credit Agreement Monthly Statement Payment Copy Agency Documents Affidavits Attorney Representation Cease & Desist Notice Claim Package Complaint Debtor Correspondence Demand Letter Estate Insolvency Notice Estate Inventories Correspondence Notice of BKY Notice to Creditors Other Power of Attorney Proof of Insolvency Settlement Letter Settlement Letters Promise to Pay

23 Large Bank Document Types (cont.)
Legal Documents Additional Affidavit Adverse Outcome Answer Hearing Judgment Judgment Copy Agreement Judgment Copy Contested Judgment Copy Default Judgment Copy Stipulation Judgment Copy Summary Judgment Copy Trial Judgment Execution Judgment Renewal Judgment Set Aside Settlement Release Stipulations Consent Substitution of Attorney Suit Filed Summons Summons and Complaint Time Stamped Affidavit Time Stamped Suit Vacated Judgment Validation Documents

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

25 Exchange Examples Stocks and Bonds Shipping Telecommunications
Unsecured Lending Commodities 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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