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Using New Technologies to Enhance Business Performance. Donna Weaver, RNN Group. Session desription.

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Presentation Transcript
session desription
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
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
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
Procuring DataTRADITIONAL 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
Internal ResourcesGoal: 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
  • Cost of data
  • Cost of resources
  • Security and compliance
leverage technology and best of breed data partner
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
best of breed technology data partner
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
Cash flow
  • Leverage extended pay terms,
  • Rev share contingency pricing model
  • Drive highest ROI, shortest period of time
thank you
Thank you!

Donna Weaver

RNN Group


866-466-5996, extension 700



  • Challenges
  • Solutions
  • A Different Idea


Affect issuer, agency, legal, and debt sales

  • Downstream Information Supply Chain
  • Upstream Information Supply Chain
  • Debt Validation
  • Information Traveling with Debt (e.g. complaints)
  • Compliance Management
  • Vendor Oversight
  • Constant Change
  • Existing systems and processes
  • Build custom proprietary solutions
  • A different idea -

Exchange and Repository Solution


Convoke Overview

  • What We Do
    • Securethird 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


Debt Buyer




Single interface

System of record integration

Bi-directional information

Measure, analyze, report

Vendor oversight – audit/edit

Compliance management

Mobility across channels

Compliant & dispute tracking

Internal/external audit tool


Exchange Functionality

Debt Buyers

  • Documentation available prior to or 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

Agency and Legal

  • Issuerandthird party data and documents maintained together
  • Common scoreboard
  • Immediate access to data/documents addressable at account level
  • Document pre-load, ordering, delivery, and tracking
  • Case ready legal files
  • Complaint tracking
  • Debt validation and dispute resolution
  • Upload data/documents from channel partner based upon issuer criteria
  • Audit and vendor oversight tools
  • Easily move accounts among channels

Adoption Drivers

Document Exchange & Repository

  • Bi-directional document mobility
  • Data and documents travel with accounts across channels
  • Detailed document order and delivery tracking controls
  • Transparency yields improved consumer experience
  • Shortened timeline to resolve complaints and concerns
  • Analytics identifies area for process improvement

Improved Consumer Experience

Regulatory Compliance

  • 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

Vendor Oversight

  • Enhanced revenue and/or cost reductions for issuers
  • Cost reductions for collection channel partners
  • Improved collection rates

Improved Economics

exchange examples
Exchange Examples

Stocks and Bonds




Unsecured Lending



Appendix A

Selected Screen Shots