Using New
Technologies to
Enhance Business
Performance
Donna Weaver, RNN Group
Session desription
• Recent and pending changes to collections and recovery regulations have
stretched existing systems and resources, resulting in ever rising compliance
costs and risk. Learn how top U.S. credit issuers and their collection channel
partners are using an innovative technology to improve the consumer’s
experience, enhance collections, and increase regulatory
compliance. Representatives from two leading-edge companies will
highlight ways to streamline your operations by leveraging the latest
technologies.
Leverage data &
technology outsource
model
• First Vendor best of breed partner/outsource
model
• Jim Van Schaik, Lexis Nexis
• Donna Weaver, Amex, Fortune 500 financial shared
service center
• Build the most efficient, cost effective, secure
service model in the marketplace
• Clients focus on core competency to achieve
maximum results
When to invest in
technology for data?
• Security and compliance
• Find people faster
• Reduce expense of finding people
• Increase resource scalability
• Cash flow business
Procuring Data
TRADITIONAL waterfalls
• Vendor sets
• BK, Deceased, Military (sometimes phone, address)
• 1-2 vendors
• Verified Place of employment, 60-120 days to get all hits
• 2-4 vendors (as high as 6)
• Phones (RPC -verified phones- & raw)
• 1-3 vendors
• Raw place of employment
• 1-3 vendors (as high as 8)
• Verified Banks, 30 days
• 1 vendor (high as 2)
• Raw bank
• 1-4 vendors
Internal Resources
Goal: achieve maximum results in shortest period of time
Testing new providers
Manage files through waterfall(s)
Use internal collection and/or skip tracing
resources (no value efforts)
 Work through raw data, typically 3-10% verify
Manage not buying same bad data multiple times
Manage multi vendor security and compliance
docs
ROI
• Cost of data
• Cost of resources
• Security and compliance
Leverage technology and
best of breed data partner
First data outsource model – one-to-many
connection
Multi product, multi-tier product types under one
umbrella
Technology to streamline processing and custom
build waterfall rules within system
Full security and compliance
One to Many Custom
Waterfall Services
Products
Category
BK, DE, MIL SEARCHES
RNN Product Name
Bankruptcy, Deceased
Military
HR Direct Verified POE database
VERIFIED POE
Data Verified POE
Manually skiptraced Verified POE
VERIFIED BANK
Data Verified Bank
Manually skiptraced Verified Bank
RPC
RPC (Verified Phone)search: source raw POE data
RPC (Verified Phone)search: phone providers
Raw Place of Employment
RAW DATA
Raw bank search
Disabled/social security
Raw Phone and address
STREAMLINE COLLECTION Warm lead transfers (RNN transfers above to you when we
FTE SVC
have them on the phone
VERIFY NON-RNN DATA
Our call center can verify our your raw data (designed if
you have a data source RNN doesn't have
RNN HR Direct Search (Rate 1)
(returned in 2-3 bus ines s days , PT and/or FT)
RNN Manual POE Search
No hits run through 8 data s ource waterfall - hits s ent to call center to
verify / no hits returned to client to expedite or through next product
(RNN can
perform a BK,
DE and/or Mil
search before
any or all POE
searches)
1) Manually Verified (from raw data) hits (Rate 2)
2) Manually verified POE RPC phone hits (Rate 3)
3) Self employeed
4) Disabled or social security debtor leads front or back of waterfall,
remove from asset searches (Rate 4)
1) Back through HR Direct
and/or
2) VERIFIED (Phone RPC) search and verify process (Rate 5)
and/or
3)Warm transfer (Rate 6)
and/or
4)Raw phone search to return unverified phones at per hit (Rate 7)
RNN can
recirculate no
hits back
through entire
process at
any point in
the process
Best of breed technology
& data partner
One secure and compliant partner
Remove no value touch points in collection
environment
Accurate data faster
Lower data costs
Scale resources on value add
Control
Consistency
Visibility
Cash flow
Leverage extended pay terms,
Rev share contingency pricing model
Drive highest ROI, shortest period of time
Thank you!
Donna Weaver
RNN Group
donna@rnngroup.com
818-601-7451
866-466-5996, extension 700
Innovative Receivables
Management in a
Changing Regulatory
Environment
Agenda
1. Challenges
2. Solutions
3. A Different Idea
Challenges
Affect issuer, agency, legal, and debt sales
1.Downstream Information Supply Chain
2.Upstream Information Supply Chain
3.Debt Validation
4.Information Traveling with Debt (e.g. complaints)
5.Compliance Management
6.Vendor Oversight
7.Constant Change
Solutions
1. Existing systems and processes
2. Build custom proprietary solutions
3. A different idea Exchange and Repository Solution
Convoke Overview
►What We Do
•
•
•
•
Secure third party data and document exchange and repository
Vendor oversight
Compliance management
Software-as-a-Service
►Initial Market Focus
• Agency collections
• Legal collections
• Debt sales
►Market Adoption
•
•
•
•
Customer relationships with major credit issuers
109 state level attorneys and 5 national legal networks
22 national collection agencies
119 registered debt buyers
Exchange & Repository
Credit Issuer
Third Parties
Agency #1
Agency #2
Legal
Debt Buyer
1
Single interface
System of record integration
Bi-directional information
2
Measure, analyze, report
Vendor oversight – audit/edit
Compliance management
3
Mobility across channels
Compliant & dispute tracking
Internal/external audit tool
Exchange Functionality
Agency and Legal
1. Issuer and third party data and
documents maintained together
2. Common scoreboard
3. Immediate access to data/documents
addressable at account level
4. Document pre-load, ordering, delivery,
and tracking
5. Case ready legal files
6. Complaint tracking
7. Debt validation and dispute resolution
8. Upload data/documents from channel
partner based upon issuer criteria
9. Audit and vendor oversight tools
10.Easily move accounts among channels
Debt Buyers
1. Documentation available prior to or
2.
3.
4.
5.
6.
at time of sale
Document ordering and delivery
Billing, cash collections, enforcement
of issuer/debt buyer contract terms
Chain of title tracking
Complaint tracking
Audit and vendor oversight tools
Exchange Metrics
Metric
Accounts
Dec
2011
6.2M
% Increase
Documents
.8M
% Increase
Supported
Documents
3
% Increase
Network Size
% Increase
25
Dec 2012 Dec 2013 Oct 2014
8.4M
11.1M
13.5M
35%
32%
18%
2.1M
3.2M
13.3M
163%
52%
316%
20
59
86
567%
195%
46%
72
163
258
188%
126%
58%
Large Bank Document Types
Issuer Documents
1) Access Check
2) Affidavit
3) Application
4) Chain of Title
5) Change in Terms
6) Credit Agreement
7) Monthly Statement
8) Payment Copy
Agency Documents
1) Affidavits
2) Attorney
Representation
3) Cease & Desist Notice
4) Claim Package
5) Complaint
6) Debtor Correspondence
7) Demand Letter
8) Estate Insolvency Notice
9) Estate Inventories
10) Correspondence
11) Notice of BKY
12) Notice to Creditors
13) Other
14) Power of Attorney
15) Proof of Insolvency
16) Settlement Letter
17) Settlement Letters
18) Promise to Pay
Large Bank Document Types (cont.)
Legal Documents
1)
2)
3)
22)
23)
24)
25)
26)
27)
28)
29)
30)
Additional Affidavit
Adverse Outcome
Answer . . .
Hearing
Judgment
Judgment Copy Agreement
Judgment Copy Contested
Judgment Copy Default
Judgment Copy Stipulation
Judgment Copy Summary
Judgment Copy Trial
Judgment Execution
31)
32)
51)
52)
53)
54)
55)
56)
57)
58)
59)
60)
Judgment Renewal
Judgment Set Aside . . .
Settlement Release
Stipulations Consent
Substitution of Attorney
Suit Filed
Summons
Summons and Complaint
Time Stamped Affidavit
Time Stamped Suit
Vacated Judgment
Validation Documents
Adoption Drivers
Document Exchange
& Repository
• Bi-directional document mobility
• Data and documents travel with accounts across channels
• Detailed document order and delivery tracking controls
Improved Consumer
Experience
• Transparency yields improved consumer experience
• Shortened timeline to resolve complaints and concerns
• Analytics identifies area for process improvement
Regulatory
Compliance
Vendor Oversight
Improved Economics
• Enables compliance with regulations
• Loan files addressable at account level
• Adaptable to changing regulatory environment
• Complete visibility to vendor performance metrics
• Issuer/vendor see the same information
• Internal/external audit tool
• Enhanced revenue and/or cost reductions for issuers
• Cost reductions for collection channel partners
• Improved collection rates
Exchange Examples
Stocks and Bonds
Unsecured Lending
Shipping
Commodities
Telecommunications
Tickets
Change
is hard,
but it is
possible
Appendix A
Selected Screen Shots
Audit Detail
Audit History
Create New Complaint
Complaint Documents