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Locate-Connect-Verify: High-Tech Solutions in Collections

Locate-Connect-Verify: High-Tech Solutions in Collections. Lynn Heinemann, Vice President of Sales - Account Control Technology, Inc. Doug Hendrickson, Director of Educational Services – VeriFacts , Inc. Chris McMillan, Director of Sales - LiveVox Dave Pauken , CEO - Convoke Systems.

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Locate-Connect-Verify: High-Tech Solutions in Collections

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  1. Locate-Connect-Verify:High-Tech Solutions in Collections Lynn Heinemann, Vice President of Sales - Account Control Technology, Inc. Doug Hendrickson, Director of Educational Services – VeriFacts, Inc. Chris McMillan, Director of Sales - LiveVox Dave Pauken, CEO - Convoke Systems

  2. Skip Tracing Doug Hendrickson Director of Educational Services – VeriFacts, Inc.

  3. Why is Skip Tracing Important? • Whether you use locate information to drive contact efforts or for asset identification, skip-trace information is a critical component that can help drive collection and recovery dollars. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  4. Why is Skip Tracing Important? • The first, and most critical, step to any successful default prevention/default collection effort is the ability to contact (locate) the borrower. If you are unable to contact (locate) the borrower, you are unable to communicate with that borrower regarding the status of their student loan(s). 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  5. Building Your Skip Trace Waterfall • More isn’t always better. • Make sure your skip trace waterfall meets your needs and isn’t duplicating internal processes. • How does using a dialer or not using a dialer impact your skip trace waterfall needs? 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  6. Building Your Skip Trace Waterfall • Make sure your skip trace waterfall levels complement each other. • Top level raw data scrubs of a portfolio are cost effective and can cover a high volume at a cheaper rate. However, the data is not verified in these data scrubs. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  7. Building Your Skip Trace Waterfall • As you mine down into your portfolio, manual skip tracing is more effective. Although manual skip tracing is more expensive, the data is verified. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  8. Social Media • Social media search is more prevalent today than ever before. • Automated screen scraping violates most site user policies. However, the info is publicly viewable. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  9. Social Media • Manual search acceptable, no adding as a friend. • There is really no legal precedent to date regarding using social media as a skip tracing tool. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  10. Vendor Outsourcing • ALWAYS vet your skip trace vendors adequately. • With the CFPB’s focus on creditors today, creditors are now starting to look at 4th party vendors as an area of risk. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  11. Vendor Outsourcing • Creditors need to make sure their vendors are certified/compliant with all applicable state and federal laws, including but not limited to: • Gramm-Leach-Bliley Act (GLBA) • Fair Debt Collections Practices ACT (FDCPA) • Fair Credit Reporting Act (FCRA) • Federal Information Security Management Act (FISMA) 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  12. Vendor Outsourcing • Creditors need to make sure their vendors are certified/compliant with all applicable state and federal laws, including but not limited to: • National Institute of Standards and Technology (NIST) • Health Insurance Portability and Accountability Act (HIPAA) • Telephone Consumer Protection Act (TCPA) 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  13. Vendor Outsourcing • Creditors also need to make sure their vendors are certified/compliant in the following areas: • PCI DSS 2.0  (coming out with 3.0) • SSAE 16 (not as in depth as PCI, but deals with management standards) 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  14. Vendor Outsourcing • Other areas creditors need to review: • On site business validation and security assessment. • Surveys need to be completed particularly for newer companies that may not have audits completed yet. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  15. TCPA Challenges to the Collection Industry The most frustrating and confusing issue facing creditors today is the degree to which telephony equipment may be used to call mobile phones. This topic continues to be a huge debate regarding “preview” dialing vs. manual dialing. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  16. TCPA Challenges to the Collection Industry The TCPA has increasingly become a target for consumers and their attorneys for suits aimed at collection agencies. 2013 year-to-date TCPA suits are up 70 percent from 2012. (insideARM.com October 22, 2013) 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  17. TCPA Challenges to the Collection Industry Source: insideARM.com 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  18. TCPA Challenges to the Collection Industry The Third Circuit Court of Appeals held that the Telephone Consumer Protection Act (47 U.S.C. § 227) allows a consumer to revoke her prior express consent to be called using an auto dialer or prerecorded voice. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  19. TCPA Challenges to the Collection Industry In its decision, Gager v. Dell Financial Services, the Circuit Court reversed a district court’s earlier finding that once a consumer provided consent to receive autodialed or prerecorded calls, a consumer cannot later revoke the consent. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  20. TCPA Challenges to the Collection Industry Persons using auto dialer technology or prerecorded messages are required by the TCPA to obtain the “called party’s” “prior express consent” before making their calls. While some types of calls are excepted from this requirement, telemarketing and debt collection calls are subject to the TCPA. (insideARM.com August 29, 2013) 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  21. TCPA Challenges to the Collection Industry In Nelson v. Santander, a Court held that preview dialing (using a dialer with human intervention) violated the TCPA due to the capacity of the telephone system used. That order was subsequently vacated, leaving debt collectors to question the efficacy of preview dialing. (insideARM.com September 25, 2013) 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  22. TCPA Challenges to the Collection Industry Creditors cannot accidentally call the wrong consumer cell # on a number that HAS express consent. If a borrower’s old cell # has been re-assigned by the cell provider, express consent is no longer valid. Creditors today are trying to scrub the “express consent” portion of their portfolio to minimize situations like this. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  23. New Skip Trace Technology Designed to Combat TCPA Challenges VeriFacts understands this challenge to the creditor industry and is currently developing a product that will assist creditors scrub the “express consent” portion of their portfolio as a proactive check and balance. 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  24. Questions? VeriFacts, Inc. 800.542.7434 info@verifactsinc.com www.verifactsinc.com 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  25. Cloud Contact Center Solutions John McNamara, Chief Marketing Officer - LiveVox

  26. LiveVox Private VoIP Cloud ™ Functionality Applications • Call Recording • Configuration Manager • Campaign Manager • Compliance Suite • Real-Time Reporting • Business Analytics • Call Scripting • ACD/PBX • Predictive Dialer • IVR 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  27. Impact of LiveVox on Today’s Market Redefining What is Possible Status Quo: Stagnation Where Cost Outweighs Benefit Impact of LiveVox: New levels of Growth Point of Efficiency LiveVox removes the cost and complexity of scaling across multiple sites/applications – enabling global contact centers to realize new levels of growth and profit.

  28. LiveVox’s Cloud Based Platform ProvidesEnables Network Simplicity Cloud Enabled Simplicity Premise-Based Complexity & Silos VS. STRATEGIC BENEFITS: • Global virtualized Queue Management, Visibility & Unification • Real-time Burstable Capacity & Campaign Configurations • Fully Redundant, Scalable PCI-Certification & Compliance Suite • Single point of integration for rapid application adoptions 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  29. Impact of Cloud Integration Cutting Speed To Market Up To 80% Why have integrations required so much time? Managing an ecosystem of hardware technology is similar to linking compounding mismatched puzzle pieces. Introducing a new application requires individual configurations and integrations– costing resources and time. Simplicity is the key to rapid speed to market. LiveVox Cloud simplifies the ecosystem, providing a single point of universal integration– for all applications, existing and new. Eliminating complexity removes the root cause of integration delays, shrinking adoption times by up to 80% 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  30. Phone Dialing Attempt Supervisor (PDAS) Multi-factor compliance database check • Summary • Compliance dial levels and “Max attempts” change frequently • Unique rules at state, area code, zip code, or municipality • Unrestricted dialing resulted in compliance gaps and risk Solution • Leveraged LiveVox dialing platform and APIs to integrate with client compliance databases for multi-factor checks • Integration completed within 60 days 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  31. Enabling Unprecedented Speed To Market: Big Data LiveVox’s Cloud integration capabilities dramatically simplifies and accelerates 3rd party application adoption ABOUT: ABOUT: An accounts receivables company with over 1,300 agents across multiple sites, servicing over 2 million Americans A leading global BPO service provider with a global network of 100+ contact centers with more than 24,000 agents in 11 countries Goal: Adopt a cutting edge 3rd-party personality matching application across multiple sites & business lines Goal: Integrate Speech Analytics across all operations to mitigate compliance risk • Achievement with LiveVox • LiveVox’s provides 100% call recording that enables comprehensive data for effective speech analytics • LiveVox helped the company integrate speech analytics across the entire enterprise within 30 days • Achievement with LiveVox • LiveVox employs a team of integration experts that collectively boasts over 100+ years of experience in contact center technology • LiveVox completed the integration across all desired functions and locations within 45 days 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  32. Enabling Unprecedented Scalability: Multi-Site Centralization • From Franchise Model • to Centralized Operations • A preeminent debt buying organization with a partnership network of approximately 1,300 outbound agents distributed across 32 individual contact centers • Business sought to streamline all contact centers under a centralized operation • LiveVox leveraged MPLS carrier interoperability and multi-site configurations to unify all operations • Integrating Operations • After an Acquisition • Leading hospital receivables management outsourcing company with 200+ agents across 3 contact centers • Company made a recent purchase, acquiring 2 additional contact center operations • Working with LiveVox, the company sought to integrate the additional operations with heterogeneous workstations into a single platform RESULT RESULT • Complete enterprise distributed control, visibility, management, and reporting • Standardized procedures and service levels across the enterprise • Virtualized, real-time enterprise network deployment and management • Increased compliance mitigation across all operations • Within 30 days, LiveVox migrated all operations, agents and workstations into a single, uniform platform • Company avoided historic integration and resource requirements of assimilating multiple sites and applications • Rapid migration enabled the company to quickly streamline and expand business opportunities

  33. Convoke Systems Dave Pauken CEO - Convoke Systems

  34. Industry Problems We Work To Solve • Service Provider Oversight: Overseeing vendor adherence to contracts & regulations • Ability for issuers to receive, store, measure, analyze, audit, and report on servicers • New CFPB requirements for banks, nonbanks, and supervised service providers • Adherence to service level agreements (SLA) • Information Supply Chain: Problems with flow of information in collection systems • Issuer to servicer supply chain • Servicer to issuer and issuer to servicer supply chain • Information mobility across channels and service providers • Regulation: Increasing regulation resulting from information supply chain breakdown • Collection activities • Complaints and disputes • System of record discrepancies 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  35. Convoke Overview • What We Do • Information supply chain solution • Inter-company exchange of information between 3rd parties • Audit and edit functionality • Vendor oversight and regulatory compliance • Initial Market Focus • Agency, legal, and asset sales (debt buyers) • Market Adoption • Customer relationships with major credit issuers • 5 legal networks, 50 state level attorneys, another 50 onboarding • Over 100 registered debt buyers 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  36. Operating Metrics 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  37. Documents Supported By Convoke 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  38. Functionality • Service Provider – Agency and Legal • Issuer and service provider documents maintained together and accessible • Immediate access by service provider of issuer documents • Agency verification and dispute resolution, case-ready legal files • Upload documents and audio from servicer based upon issuer criteria • Audit tools to substantiate compliance • Mobility, visibility, and control over bi-directional document flow • Functionality to enhance SCRA compliance • Asset Sales (debt buyers) • Minimum standard documentation available to servicer at time of sale • Document ordering and delivery subsequent to time of sale • Chain of title tracking 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  39. Technology Solution Convoke 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

  40. Comparison of Information Supply Chains Convoke Systems 2013 Knowledge Symposium November 5-7, 2013 ● St. Pete, Florida

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