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Published on: 3/1/2009
Last Visited: 7/6/2009
"Coordinating customer data across all departments and customer touch points is becoming more important, especially in these tough economic times, because it can help collection managers set appropriate treatment strategies for customers delinquent on multiple accounts," says Trevor Rubel, senior vice president of product at Greenwood Village, Colo.-based First Data information Services.
It also can keep the marketing group from offering a delinquent customer more credit as collection managers can proactively notify marketers when a customer has moved to the next stage of delinquency and provide that debtor's risk score for settling his or her debt.
"By sharing data between all departments, marketing and collections can determine the potential downstream risk level of new offers to delinquent customers," says Rubel.
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When selecting an off-the-shelf aggregation application, lenders need to look at the data sources they want to pool, whether those sources reside in-house or with a third party such as a credit bureau or transaction processor, and whether the application is compatible with in-house scoring models, according to Rubel.
Other considerations include whether the application can be accessed through a Web browser and how extensible the application is for future upgrades.
"Extensibility and Web access are becoming important features," says Rubel.
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