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Customer Collections Assurance

Monitor the accuracy of the customer credit scoring process, collections and dunning strategies

Continuous monitoring of the customer collections process

Managing collections is a long and complex process often requiring engagement from a variety of teams across the organization. The complexity of activities and the large number of people involved poses many of risks, such as: 1) risk of compliance in the way of credit policies and the treatment applied to customers; 2) risk of effectiveness, as to what criteria is being used for calculating credit risk, which agencies should handle which debt package, amongst many others. Moreover, operators are concerned about enhancing the customer experience throughout the debt collection process and ensuring a flawless and fair process.
Continuous monitoring of the customer collections process
A robust solution for Customer Collections Assurance

A robust solution for Customer Collections Assurance

RAID Customer Collections Assurance enables an intelligent monitoring and auditing process by receiving real-time data feeds from the OSS/BSS, and other relevant data sources used for calculating credit scoring and collecting debt. The solution comes with prebuilt controls and preconfigured access to specific data sources to feed the business rules engines and the machine learning algorithms for automated reconciliation of data and trend analysis. As such, RAID dramatically accelerates data processing and delivers a highly granular view along the credit scoring and collections process to deliver actionable intelligence more promptly.

Top 6 Key Risks addressed by Customer Collections Assurance

Lack of an integrated and accurate view of the customer
Customer data is key for every operator. Without access to multiple accurate data sources it is impossible to know the customer in its full extent and predict the most suitable collections strategy. Moreover, errors in customer data may lead to wrong customer classification, which will later affect what strategies will be applied.
Over-reliance on one single control point
The consequence of having a multitude of systems to handle credit scoring and collections is that they often rely on data warehouse inputs to feed the scoring and dunning process. This lack of first-hand access to data may cause unexpected delays in data gathering or compromise ongoing processes that will use this incomplete data. Missing or inaccurate data has direct impact in collector’s efficiency and inevitably in customer satisfaction.
Inability to measure collector’s productivity
Operators should be able to monitor and track the effectiveness of their teams’ collection efforts. As not all customers are equal, collections teams should invest their time and efforts according to customer value and business priorities to ensure the best possible allocation of resources.
Lack of consistent monitoring of risk strategies
Late payments may result from an inadequate risk analysis, which opens the door for customers to spend more than they may be able to afford. Customer Collections Assurance helps highlight this sort of problem by monitoring the accuracy of the customers’ entire credit and collections score, thus preventing bad debt.
Internal fraud and data manipulation
Customer data and usage are the main inputs in any collections process, and it’s based on this data that strategies, payment plans, and other decisions are made. The fact that this valuable information may be subject to human manipulation is something that operators should be aware of. Customer Collections Assurance ensures data integrity across the entire process and detects possible signs of fraudulent activity.
Poor fit of Debt Collection Agencies (DCAs)
The ability of each Debt Collection Agency may vary according to their particular abilities as well as the specific customer and bad debt type. By monitoring each DCA’s performance according to the debt packages they were provided, operators can evaluate which DCA is most suitable for any given debt package and leverage those specific skills to improve the level of collected revenues.
The importance of Credit Scoring audits

The importance of Credit Scoring audits

Credit scoring is an important function in the collections process, used to determine the level of risk of an individual during onboarding and acquisition. However, creating a holistic view of the customer in terms of credit risk is difficult mostly due to the lack of accurate data. Frequently, new customers provide corrupted or fraudulent data making credit scoring unreliable. RAID Collections Assurance enables operators to:
  • Audit the quality of data the system is receiving in order to monitor the accuracy of credit scores
  • Reconcile credit limit approved versus real risk level
  • Ensure risk evaluations are periodically monitored

RAID is an out-of-the-box solution to ensure effective debt collection

RAID Customer Collections Assurance combines prebuilt rules with artificial intelligence to monitor data consistency and integrity and applies reconciliation practices at several control points to monitor trends and detect anomalies. Operators that have credit control and collections solutions in place, may use RAID to add an extra layer of protection to the collections strategy - eliminating volatility and surprises in receivables.

More than assurance, a step forward in collections optimization

Once RAID is deployed to monitor and audit the quality of data that is used for collecting debt, operators gain direct access to data that may be used for optimizing collection strategies. RAID provides the answers that will guide strategy fine tuning and put an organization on the way to faster collections and better customer experiences:
  • What is the monthly recovery rate?
  • Which are the best performing payment plans?
  • Who are the best performing debt collection agencies?
  • What drives debt aging?
End-to-end Platform for Risk Management

End-to-end Platform for Risk Management

Built from the ground up and completely owned by WeDo Technologies, RAID is a robust platform on which all our risk management products are built. With a range of prebuilt auditing and monitoring packages, built for Revenue Assurance, Fraud Management and Business Assurance, RAID delivers a full-service solution from data collection all the way through to risk detection and traceability of case resolution.

Audit the collections process from end-to-end and turn it into a strategic tool

Assure Cashflow
Collections teams put a lot of time and effort into monitoring accounts and contacting customers. Ensure that these efforts are effective and translate into more money at the end of the day.
  • End-to-end auditing software
  • Efficient monitoring of dunning strategies
  • Collections and the provisioning system reconciliation
Prevent Fraud
Collections are complex processes with many stakeholders – collections teams, customers, debt collection agencies. This elevates the risk potential as fraudulent behaviors can arise from these different sources, hence the need for:
  • Continuous auditing for early fraud detection
  • Entire process review, instead of sampling
  • New fraud pattern detection enabled by AI technology
Increase Customer Satisfaction
The handling of collections processes has a direct impact on customer satisfaction. Therefore, it’s important that operators are able to do a thorough audit of this process from the perspective of customer satisfaction.
  • Early detection of missing data
  • Validation of dunning strategies and scenario use
  • Evaluation of customer prioritization

RAID risk management software is easy to use and highly configurable

Schedule a meeting with us and see what RAID can do for your business.
Tailored to telecom needs

Tailored to telecom needs

Unlike industry-agnostic solutions, RAID is ready out-of-the box for the telecom industry. This derives from our extensive experience working in collections with operators all across the globe and finding solutions for their complex challenges.

RAID Customer Collections Assurance is a time-tested solution that will quickly pinpoint the processes that will benefit from improvements.

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