The current economic climate, despite showing some signs of recovery, is still putting a lot of pressure on people financially. This has a knock-on effect to companies involved in the credit process and as such the six years since the credit crunch has forced many creditors to update their operating procedures in light of the changing industry. Couple this with the changes implemented by the new regulation body, the Financial Conduct Authority (FCA) which has in fact put greater pressures on credit management companies then businesses are in a state of flux. Wescot, the country’s largest debt recovery company has however, adapted some of its processes in order to remain at the head of the game.
The average level of disposable income for 2013 was £139 per week. For anyone with outstanding debts then this severely reduces the amount at which they can pay and puts pressure on debt recovery companies as the timescale on a collection is lengthened. To overcome this problem and still deliver a high standard to their clients, companies must be forthcoming with what targets they can reasonably achieve.
When the FCA began regulating the debt recovery market, one of the new rules they introduced meant more efficient complaint handling from debt recovery companies. In order to handle the number of complaints from account owners, Wescot turned to Equinti, a software company that creates programmes to drastically change the efficiency of background processes. Their Perito software has enabled the debt recovery company to organise their complaints better and ensure that the most pressing matters are dealt with first.
In the debt recovery industry, there is still a need for traditional snail mail as a physical letter is far more persuasive than an email that gets ignored in the inbox. During the recession it is important that all businesses operate as efficiently as possible. To this end, Adare is a company that effectively handles large volumes of mail, both by delivering the letters themselves, to speeding up the process of creating the correspondence in the first place. SmartEdit is a programme from Adare that Wescot have utilised to rapidly speed up the time it takes to write letters out, as many are fundamentally the same with some minor changes.
By updating their processes, debt recovery companies can remain on top whilst the industry changes.