On completion of the Collections and Recoveries module, candidates should understand:
- The collections and recovery framework that determines that bank’s policy and how customer knowledge and insight is used to optimise collections efficiency;
- The collections process, effected through active repayment management using ‘the Collections Ruler’;
- How collection technology, tools and management information can speed up process and optimise collections efficiency;
- The importance of using the right collection messages at the right time and how the tone of voice used in messages can improve collections efficiency;
- When it is appropriate to use a collections agency;
- The steps when repayment collection activity does not yield desired results, and it is time to put the account into debt recovery.