A Dunning Process That Works [for Financial Services]

Context & objectives

Debt collection is not always fun, but it is a necessary step to secure adequate liquidity.

A leading debt collection agency asked Agilytic to improve its efficiency. This meant better understanding the collection processes and the efforts required from its specialists responsible for visiting customers.


Approach

Process optimization

We first worked on mapping the different collection processes. Since the agency worked for various clients with different administrative setups, we drew a graphical representation of the processes to help reduce complexity.

This process map was then turned into a real-time visualization allowing our client to identify bottlenecks in real time (i.e. back office, etc.).

Finally, we included expected costs in the model to prioritize cases with a higher value and exclude cases with negative return (i.e. amounts to recoup below collection fees).

A smarter workforce dispatching

Until then, case workers were dispatched on a postcode basis. Some postcodes however had a higher number of cases than others which resulted in an unequal repartition of the workload that led to glaring inefficiencies: some workers were idle while others were not able to work on the assigned cases.

Agilytic thus developed a dispatching tool that considered the proximity of each case to optimise the itinerary of each work day for travel time and collections.

Results

This case is a prime example that a lot can be accomplished in a short period. The results in operational efficiency, automation and amounts recouped let to a positive return on investment in a matter of weeks.

About Agilytic

Since 2015, Agilytic helps innovative leaders solve their biggest challenges through the smarter use of data. With over 80 successful projects to date, we have perfected a pragmatic approach to putting data at the service of business goals, be they commercial, operational, financial, or human. Reach out today for a quick introduction, we’d love to hear from you.

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