In a world driven by technological breakthroughs and evolving customer expectations, the credit and collections industry is positioned at the forefront of a transformative revolution. As society embraces innovation and demands more efficient financial solutions, the credit and collections industry stands ready to reshape traditional practices.
Emotional intelligence, effective use of external data, disruptive innovations in the mortgage market, and successful change management strategies were among the key topics discussed in 'QUALCO Meet-up: Technology and Innovation in Credit', an event hosted by QUALCO in Bristol. The bespoke conference featured esteemed industry leaders in Credit and Collections, discussing the latest technological advancements and their potential benefits for colleagues and vulnerable customers.
Engaging presentations and enlightening case studies vividly showcased the practical applications of these advancements, while interactive sessions fostered an enriching exchange of ideas. The event also provided ample networking opportunities, encouraging meaningful discussions among delegates, creating an environment ripe for collaboration and professional growth. .png?width=803&height=602&name=MicrosoftTeams-image%20(11).png)
QUALCO's Technological Innovation Journey
QUALCO, an established credit and financial sector industry leader, has been revolutionising traditional practices and streamlining operations for over 25 years. With a team of seasoned professionals, the company meets the evolving needs of prominent banks, financial institutions, and organisations.
Leveraging the latest tools and technologies, QUALCO develops and implements innovative credit risk management solutions. By combining operational platforms, data insights, digital experiences, and industry expertise, the company empowers its global clientele to optimise credit management, make informed decisions, and drive growth.
A Leading Provider of Technology Solutions in Credit & Collections
With a strong track record and a client base of more than 90 organisations across 35 countries, QUALCO is established as a trusted partner in the Credit and Collections industry, offering a comprehensive suite of expert portfolio management tools. At the heart of the company's offerings lies the QUALCO Collections and Recoveries (QCR) platform, streamlining the management of accounts receivable portfolios, covering from pre-delinquency to late-stage recoveries.
By leveraging machine learning and predictive models, QUALCO empowers clients to effectively engage customers, optimise credit risk management, and unlock value. One of the company's flagship products, the QUALCO Data Driven Decision Engine (D3E), is an AI-driven solution that harnesses data from multiple sources to provide actionable insights throughout the customer journey. Beyond collections, QUALCO's commitment to delivering value extends to areas such as loan origination and management, digital banking and insurance, supply chain finance, and custom enterprise-level IT solutions.
Value-Driven Approach & The Power of Data
Terry Franklin, Executive Vice President, Products and Markets at QUALCO, gave an introductory speech, unveiling key industry challenges and cutting-edge technologies that transform Credit and Collections. He prominently mentioned the hurdles clients face today, from geopolitical risks to talent retention, information security, rising costs, and debt exposure. Artificial Intelligence, Machine Learning, Big Data, Process Automation, and Cloud adoption emerged as key trends, while Franklin emphasised QUALCO's commitment to unlocking client value through AI-powered resources, vulnerability services, enhanced digital experiences, income maximisation solutions, and beyond.
Dan Blagojevic, PhD, Head of Customer Analytics and Decision Science at Optima Partners, highlighted the transformative effect of accurate data on the Credit and Collections industry while acknowledging that bringing together data from internal and external sources can drive significant improvements. Blagojevic pointed to the success of the large retailers with finance arms and noted how they could use the information and analysis from one side of the business to bolster the other.
Digital Innovation and Customer Expectations
The global pandemic has served as a catalyst for a significant surge in digital transformation and the adoption of innovative practices worldwide. This transformation has been driven by escalating customer demand, resulting in exponential growth in the acceptance of multi-channel approaches and self-service. The future of technologies like Chat GPT in the industry has sparked debates and garnered attention from the press. While recent reports suggest that Chat GPT and similar technologies still have a considerable distance to cover before achieving widespread acceptance, it was acknowledged that consumer behaviour evolves over time.
Although there might be initial hesitance in adopting new technology, there is an expectation that consumers will eventually demand it. The panelists recognised that there is no inherent reason why such technology should not find its place in the industry, considering the changing nature of consumer behaviour and its adaptability to meet their needs.
Transforming the Mortgage Market
Colin Bell, Co-Founder and COO at Perenna, discussed the use of innovation in disrupting the mortgage market. This has traditionally been a difficult market to break into, as the prominent players have a significant advantage, and smaller businesses tend to focus on niche areas such as short-term lending. Perenna is working on competing with the more notable players by following the European model to offer longer-term products based on reliable funding.
Entrepreneurial Stories from Credit, Finance & Business Services
Melanie Chell, Director of Client Experience at Equivo; Jan Michael Lacey, Head of Sales at QUALCO UK; and Jonathan Mascie Taylor, Managing Director of Render, each shared their offerings and insights on what it takes to be a true entrepreneur, drawing from their experiences of either starting new businesses or closely collaborating with entrepreneurs. Several themes resonated among all three panellists, including the importance of being a problem solver, demonstrating empathy towards customers and staff, and consistently striving for the highest standards.
Navigating Change in the Digital Era
Measurement is at the heart of successful change-management projects and practical planning. However, as pointed out by the speakers, organisations often desire rapid change or mistakenly believe that change management initiatives can extend for several years. Effective communication is vital, internally and externally, ensuring alignment and coordination to achieve meaningful results.
Cultivating a company culture that values reflection and creativity by incorporating dedicated time for these activities into the workday is essential. While the industry prioritises mental well-being, financial concerns can hinder creativity. Engaged employers should strive to eliminate this barrier by enhancing leaders' emotional intelligence and applying it to their interactions with colleagues. Even in an AI-driven world, cultivating emotional self-awareness remains crucial for driving successful change.
Technology & Innovation as Catalysts for Growth
For Guy Statter, Country Manager UK and Ireland at QUALCO, technology and innovation are crucial for the Credit and Collections industry and integral to the core of QUALCO's operations. With a strong focus on technological advancements, QUALCO pioneers groundbreaking solutions and establishes new standards that positively impact its clients and the entire industry.
"QUALCO's key focus lies in staying abreast of cutting-edge industry developments and fostering creativity. We are dedicated to finding the best ways to work with vulnerable customers and prioritise the mental health of our colleagues." He said. Statter further pointed out the significance of industry events: "In an industry like Credit and Collections, events that offer genuine information and insights play a crucial role. It's been inspiring to witness the excitement of people coming together in person once again to share experiences and network."
Finally, Stephen Kiely, Editor of CCR Magazine, echoed the importance of technology in the industry, stating, "Technology is an increasingly fundamental aspect of our industry, and it's crucial to stay informed about the latest innovations. The Meet-up successfully stimulated discussions around the latest developments and how they align with our current work practices".
