Wescot | New Developments for Debt Recovery Firm

With an evolving future for debt recovery, it is important that companies who operate in this industry do everything they can to adapt to the new changes and remain at the head of their game. One of the major factors that is affecting the industry at the minute is the change in regulations, as debt recovery now falls under the jurisdiction of the Financial Conduct Authority (FCA). The FCA have implemented a number of stricter rules to regulate the way companies operate when recovering debts for their clients. Furthwescoter to this is the decrease in average disposable income, which will increase the amount of time it takes for companies to recover debts and thus increase running costs. To overcome these obstacles, Wescot has changed the way they work in a variety of ways.

In businesses such as debt recovery, there is a need for a high volume of correspondence using traditional mail. A hard copy that informs customer that they need to repay their debt is far harder to ignore than an email that might never be read. The disadvantage to using letters is the cost of sending out large volumes, as well as the time it takes to create the mail. Adare is a company that has developed new software called ‘SmartEdit’ which dramatically reduces the time it takes to change small details on letters and therefore speed up the delivery. The debt recovery company is making full use of the SmartEdit technology to alter documents quickly and use preapproved templates to rapidly produce the volume of letters they require.

One of the greatest changes that the FCA have made to the debt recovery is a demand for a more efficient complaints management process. Equinti, a software and IT company from the UK that provides automated procedures that will speed up their background processes has been contracted by Wescot to automate their complaints system. Equinti’s Perito software revolutionises complaint management as it can prioritise important complaints as well as provide user definable fields to further increase efficiency.

The final change for Wescot is the employment of Claire Larson as Operational Risk Manager. It is hoped by the debt recovery company that Larson will be able to shake up the risk management systems at the company to deliver far greater results in the future.

Wescot | Debt Recovery Agency Implements Successful Learning and Development

Training and continued development of employees is one of the key aspects to running a successful business, training encourages two things, first of which is that it makes employees feel more valued by their employer. Secondly, because employees feel more engaged, they are then more likely to commit greater effort to the business buoyed by the recent development. Wescot is a debt wescotrecovery agency from the UK, that have recognised the need for continued development of their staff, not least because of the extraneous pressures placed on the company to update its processes.

While Wescot have already employed a successful team within the learning and development department, to further train their employees in responsible debt recovery and customer relations, they have had to recently update their operating procedures. This has involved changing the training that Wescot staff receive to fall in line with the new laws set out by the Financial Conduct Authority.

Wescot is one of the largest debt recovery companies in the UK, 5 million individual debts are processed through the company’s 650 employees. Because of the high level of operation that Wescot currently performs at, it is important that the company not only retains a high level of training, but they ensure that the training they give to employees will allow them to work with the FCA’s permission. In a large company such as Wescot, it would be easy for employees to slip under the radar and not receive further training. Such is the high quality of the learning and development department at Wescot that this is not the case, it is important for the continued success of the company that their employees feel motivated and engaged enough to do their jobs to the required standard.

In order to cover all the bases, Wescot continually review their agents and their performances are assessed. The learning and development department will then look at the areas that the employees need to work on and develop the training programmes to suit. In addition to helping engage their employees, Wescot are transparent when it comes to what the management team expect of their colleagues when they turn up to work. The management team also take an active role in developing those who are underperforming, being an integral part in Wescot’s learning and development systems

Wescot Credit Services | New Complaints Management for Debt Recovery

WescotThe Equinti group is an IT services company that employs over 3500 people, in 22 office locations across the world. They specialise in the transformation of clients’ systems, not just in IT hardware itself but also in providing HR solutions, finances and improving the sales of many of their clients. By cooperating closely with IT industry leaders, Microsoft and HP, Equinti are able to develop new software systems that will demonstrably change the way their clients run their business, using IT to run more efficient programs while the client focuses on their primary objectives. While Equinti offer a number of systems that cover a broad range of business needs, their Perito system has been implemented a number of times in being able to assist clients in their complaint management projects.

Wescot Credit Services is one such client of Equinti, purchasing their Perito system in an effort to manage their complaints system more efficiently. The company specialises in debt recovery and the industry in the UK has recently undergone a regulation change, with debt collection currently being regulated by the Financial Conduct Authority (FCA). The FCA has implemented more stringent regulations on debt recovery and as such, companies have had to evolve their complaint management to meet the new regulations. Perito, by Equinti, has proven itself more than adequate for the needs of Wescot Credit Services, who can use the system to not only, adhere to the guidelines set down by the FCA, but they can actually improve the efficiency of the whole process. At any department of a customer focused company such as this, it is important to improve the efficiency of their processes; ultimately it ends with a reduced cost to the client and better customer relations. Wescot have been impressed by the Perito system and has said that the automatic process has ‘reduced the risk associated with manual processes’. Every mistake negated by Perito directly translates to a faster and more efficient recovery campaign by the debt management company.

Equinti are committed to delivering the highest quality services to their clients, ensuring that their processes are as hassle free as possible and they can operate more efficiently. Perito goes a long way to achieving that goal from Equinti.