Fontainebleau Miami Beach
4441 Collins Avenue
Miami Beach, FL 33140
Monday, March 14, 2011
OPPORTUNITIES AND CHALLENGES OF A CUSTOMER-CENTRIC APPROACH TO COLLECTIONS
Lenders have long known that there are advantages to managing consumer credit relationships at the customer level instead of the account level, since more comprehensive information enables better decisions. As banks grew, product-focused business lines became centralized, however, customer actions were more likely to be driven at a product level. Just prior to the credit crisis there was a lot of talk and some effort at larger lenders toward customer-centric collections efforts, then such efforts were largely put on hold because the focus had moved to short term survival. Now that lenders have moved beyond the survival mode, they are likely to re-evaluate the value that customer-centric treatment could provide across the entire customer lifecycle.
Bridgeforce along with Collections and Risk executives from leading banks that have managed customer-centric collections strategies and operations will explore the opportunities and challenges that this approach presents in comparison to a more traditional product-centric collections approach.