Last week our new Head of Collections, Ross Edwards, and his predecessor, Dermot Ormsby, took to the stage at the American Express Spectrum Conference in Kuala Lumpur. The pair explored innovative ways to create contacts, drive efficiencies and increase collection effectiveness using digital mediums, new technology and social media.
Ross participated in a panel discussion that delved into driving performance in collections teams where he shared some of the challenges that exist in this space, and how CFMG works to maintain its high-quality approach at all times. He also explored some of the opportunities for engaging collections teams.
“While we explore the use of new and innovative ways to drive collections it is just as important that we invest in the right people who are skilled in these new age contact avenues. Communication is somewhat moving from the traditional phone method, and now more than ever, written and technical skills are becoming as important when scouting talent,” said Ross.
Dermot talked about the impact of emerging technology as well as our investment in new digital mediums and contact channels. His presentation evolved to bring social media to the forefront in a conversation around acceptance and regulatory challenges. The group discussed what is happening around the globe and how the collections industry is using social media to drive contacts.
Dermot’s presentation showed that millennials are more inclined to get into debt to maintain their lifestyle and appearance knowing that they may not be able to manage their obligations. This generation is also less contactable through traditional methods given their tendency towards communication preferences such as social media, text and email. This presents challenges for collections teams, as well as opportunities to shift traditional collections methods.