Credit, Collections & Insolvency News
For many years the question of independent, fair and effective oversight of the enforcement industry has provoked lively debate. The government and industry introduced tighter regulations in 2014 to ensure consistency of practices and take the first steps towards independent industry oversight. But, as with all regulation, it would only ever be retrospective as the…
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We are living in a world where we are so connected that it can be annoying and even overwhelming. The amount of time we all spend on our phones is shocking a 2019 survey found people generally spend an average of three hours and 15 minutes on their phones every day, with the top 20% of smartphone…
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After three months of the Government’s ‘Breathing Space’ debt respite scheme regulations coming into effect, what are the lessons policy-makers can take away at this early stage? When the regulations were first approved and as the covid pandemic cast a shadow of concern across the economy and consumer wellbeing, it was widely recognised that forbearance…
Read moreOne focus for the LSB is to deliver ERFs for the Bus Standards and consider how the views of RFs can inform future IFPs. Now that sentence makes sense to me. However, to 99.9% of people, it is incoherent gobbledygook. This is because each organisation and business sector seems to have its own sub language…
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Differentiation between data and technology brands is disappearing, applying even more pressure on short-term objective chasing. All too often, we see efforts diverted into delivering next quarter’s budget, which spurs short-term tactics over strategically driven, brand-building initiatives. Over time, this “short-termism” can erode the underlying equity value of many brands and rob companies of greater…
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Historians looking back on 2020 in 100 years will remember a remarkable year, shaped by a global pandemic and increasingly populist politics. With vaccines now being rolled out at pace, 2021 is looking to be far better, and as the outlook for physical health gets brighter so too should the outlook for people’s financial health. …
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The majority of collections teams now have a range of creative options in place to help customers in debt manage their situation and find the best possible outcome, quickly. But all this is irrelevant if customers can’t or won’t engage. Getting customer communication right is a fine art but can science offer a fresh perspective…
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As Credit Connect itself reported, more than 14 million people in the UK are now categorised as having ‘low financial resilience’, with a further 27 million showing signs of financial vulnerability. These higher-than-usual figures are no doubt due to the pandemic and its fallout, and the pressure is mounting lenders and other financial organisations exercise…
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Does your business run on several collections systems? Do you have multiple product lines that have developed multiple collections strands? You are not alone, many tier-one banks, financial services companies and BPO’s do so as well. They have evolved within Financial Services through product-led sales such as mortgages, credit cards, loans, overdrafts, or risk-related products,…
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With restrictions starting to relax and the sun beginning to shine, it is possible to think that the worst of the coronavirus pandemic is behind us. Although we all hope this is the case, for many SMEs now is just the beginning of coming to grips with the effects of coronavirus. For thousands of businesses,…
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Artificial intelligence (AI), machine learning and robotic process automation (RPA) are key concepts and strategic elements of the future of credit and risk management, enabling us to make smarter analyses, make risk-free decisions and acquire more new, quality business. And automating decisions can do wonders today: algorithms maximise profit margins while filtering out fraud and…
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Authorised Push Payment (APP) fraud has reached unprecedented levels in the UK, as criminal organisations have adapted to and capitalised upon the impact of Covid-19 over the last year. Recent statistics from UK Finance show that APP fraud has increased in value and volume from 2019 to 2020, with losses up 5 per cent to…
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The pandemic has taught us many things and changed habits forever, with our desire for online shopping – whether it’s the weekly shop, take-aways or retail therapy – being an irreversible trend. This desire for convenience is also shaping the way we approach buying big-ticket items, such as cars. Recent research by car comparison website,…
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