Due to the challenging and unprecedented times we face today, many people worry about how they will afford to pay their regular monthly commitments, such as council tax and utility bills, or simply afford to live. Lenders have been playing a pivotal role by offering payment holidays on mortgages and other products, such as car finance and credit bills, to customers who have been impacted by the lockdown and lost income.
Coronavirus has shifted the entire financial landscape as we knew it
A recent article in This Is Money quoted the International Monetary Fund warning “Countries including the UK are facing a 'massive' rise in debt due to the COVID-19 outbreak”.
Now is a time more than ever before where credit organisations will need to ensure that their debt collections & recoveries management systems are efficient, fit for purpose, flexible and ready for post COVID-19 activities. They will need to be able to implement changes very quickly when required but also importantly, be able to optimise strategies so they can interact, advise and collect from those customers who find themselves in financial difficulties at the right time.
In this blog, we take a look at one of the market’s leading collection systems: Experian’s Tallyman and how as a creditor you can ensure you are unlocking the system’s true potential.
How does Tallyman help organisations?
Tallyman’s core functionality offers organisations the ability to spot opportunities, develop new changes and evaluate them prior to implementation, doing all of this in a very agile environment. The benefits when implemented correctly are clear: to be able to monitor and deliver continuous improvements. Additionally, it can help:
- Reduce bad debt
- Increase sales revenue
- Prevent fraud
- Optimise treatment paths, customer journeys
- Streamline processes
- Meet regulatory requirements
Tallyman configuration has the potential to meet complex business requirements; nothing is impossible given how flexible the system is. However, despite the clear benefits organisations can reap from Tallyman, system assessments show they are not always realised and delivered.
Do you feel like you are getting the most from your Tallyman system or, if it has been configured to be as flexible as it has the potential to be?
How to unlock the true potential of your Tallyman system
One of the first steps to help maximise the value that you are achieving from your Tallyman system is to review your build. This will highlight capabilities and limitations, which in turn can highlight improvement opportunities. We suggest the following approach:
- How can you plan your review?
Using a 3D approach can help:
- Which elements of the system should you look at?
Some key elements you can apply the 3D approach to are:
- Technical infrastructure
- Batch and interfaces
- Functionality
- Strategies
- Change process and control
- Operational execution
- Documentation, training, help and support
- Reporting and analysis
- What kind of changes could I implement?
Some common outputs you can expect from a review are:
- Automation of manual operational and system support processes
- Tighter integration and use of real time APIs
- Utilisation of wider channel set and consolidation of tools
- Champion challenger and continuous improvement strategy
- Implementation of system control, exceptions and reporting framework
Summary
You may find that your review means you feel the need to upgrade your system in order to fulfil the majority of the objectives defined following the discovery phase. However, most of the time you will be able to implement instant changes to achieve some quick wins and make a big difference within your current build, even if your roadmap doesn’t include a plan to upgrade.
At Arum, we have consultants with extensive Tallyman experience and a breadth of knowledge in new system implementations, upgrades, designing and transforming processes so if you need any help or want a chat please do not hesitate to contact us.
Hasib Ahmed
Consultant
Arum