The savvy collector: stay informed with real-time updates

Today, collections organizations cannot afford to rely on traditional methods and legacy applications alone. As portfolios grow more complex, delinquencies rise, and customer preferences change, real-time collections can be a game changer. Without timely updates, teams risk wasted outreach, inconsistent treatment and unnecessary compliance exposure. 

To reduce wasted effort and compliance risk, collections leaders need an approach that updates account and contact data the moment it changes—so decisioning and treatment paths can also be updated instantly, not in the next batch cycle.

This blog builds on the first two posts in this series—“Taking the work out of workflows” and “Smarter decisioning, smarter outcomes”—by exploring how incorporating real-time account and contact updates can make those smarter outcomes even more informed.

Throughout this series, the savvy collector represents a modern collections professional—one who benefits from guided workflows, decision support that adapts to changing data and customer behavior.

Many of the approaches described in this blog are informed by our experience supporting clients through CGI Credit Studio for collections, though the challenges and considerations explored here are common across the industry. 

Free yourself from batch-based dependencies with real-time collections

Many collections operations are forced to rely on batch-based updates to data because batch is all their collections system can handle. This typically means updates post to accounts and contacts in the middle of the night and usually require a period of system downtime to process the batch. The implication of a batch-based approach is that data is generally only updated once daily. If something changes the minute after batch processing, the account or contact data remains stale for 24 hours. 

The savvy collector always benefits from up-to-date information. In real-time collections, that means the platform can react the moment something changes:

• If a payment is made, the savvy collector knows.
• If a risk score changes, the savvy collector knows.
• If a contact’s phone number or consent is updated, the savvy collector knows.

There are several other examples that would also be useful to the savvy collector, but even with just these few, the benefits are clear. 

When paired with CGI Credit Studio’s guided workflows and ability to re-decision in real time, access to real-time data always keeps the savvy collector informed and able to tailor each outreach attempt based on the most current information. 

Modify collections treatment minute-by-minute

In legacy environments, contact treatments are typically set once per day and executed upon to the best of the collective department’s ability. At best, a batch-based dialer kill file (usually every 15 minutes) is the only mechanism to alter the set contact strategy for an account. 

The savvy collector is constantly in the know about what is happening on an account when working in CGI Credit Studio for collections. Being a fully real-time solution, CGI Credit Studio can be informed of any piece of information at any point during the working day. This means when a payment is received midday, CGI Credit Studio for collections is made aware and can immediately react to that payment. In an event-driven collections model, this may look like sending a subsequent dialer kill notification (also in real time), updating the contact strategy to send a certain communication based on updated days past due, or even making an account inactive if it is now cured. 

Payments are the easiest example, but the same can be true for many other attributes. The key is that with CGI Credit Studio’s real-time capabilities, the days of having to wait for the next batch cycle are over.

Ensure compliance with time-sensitive regulations

Certain regulations require immediate action when a triggering event occurs. This is certainly true when it comes to bankruptcy compliance, but can also be beneficial for other processes tied to regulations such as repossession and the Servicemembers Civil Relief Act (SCRA). 

When CGI Credit Studio for collections is integrated with the proper sources, the savvy collector knows about important regulatory events immediately. When a customer files bankruptcy and CGI Credit Studio for collections is connected with a bankruptcy monitoring solution, that update can be pushed to CGI Credit Studio for collections immediately to invoke the bankruptcy workflow. The benefit of this real-time action is that it immediately removes the account from treatment to prevent a violation of the bankruptcy stay. The same can be said about real-time notifications from repossession vendors of a repossessed vehicle; or notification from the Department of Defense of a customer being called to active duty (related to SCRA benefits).

The ability to show evidence of near real-time adherence with such regulations, while perhaps not required, will certainly show regulators that every effort is being made to comply.  

Modernize your collections operations

Collections operations are slowly evolving to be less reliant on batch-based processes. While the industry may not be fully onboard with these capabilities, the recognizable benefits are clear. Making the shift to real-time notifications does take time and coordination, so take the initiative to get started now. 

Discover how CGI Credit Studio for collections and its real-time capabilities can help modernize your collections operations.

Stay tuned for the next blog in the savvy collector series, where we explore how making hardship program management easy helps collections teams support customers in financial distress with consistent, compliant treatment options.