The 5 essential reasons collections managers need transparent reporting
As part of our 6 Questions a DCA Must Answer series, we’re going to focus on the importance of ‘DCA – Client’ reporting in this blog.
We know real-time data feedback is crucial in today’s business world because it helps keep everyone in the loop, in control and (when done correctly) can save both time and money.When developing a feedback system, DCA Managers will expect transparent and direct access to key information and they’ll have a list of expectations of how it should be delivered to them, so it’s crucial the DCA can develop bespoke solutions and utilise systems that make the process fluid and obstacle free.
Want to know more? Here’s our Tech & Services brochureSome will say it always starts with the ‘Why?’ Why do DCA managers need reports? Aside from the obvious reason – to keep systems up to date – we’ve identified the 5 most important reasons our clients NEED to have a level of reporting that goes above and beyond the transactional reports that ‘every’ DCA offers:
It offers control
It helps build trust
It reinforces accountability
It allows traceability
1. Offering controlMany of those responsible for collections (be it a DCA Manager, Head of, or Collections Director) develop a particular way of doing things. Ways they understand and are comfortable with. They become extremely efficient with their own processes which leads to controlling successful outcomes. The processes and control is often cited as a major barrier to handing over responsibility to a third party unless they are convinced this control can still be maintained. The solution is to offer a first class, 24/7 access, bespoke reporting system. An agency can help a manager avoid any feelings of anxiety by handing back the control through transparent reporting and easy around the clock access to their customers’ data and any relevant updates and insights.
2. Building trustTrust is a currency built up over time. When handing a service to a DCA you’ll agree a set of targets before you engage in the activities. When the targets are achieved seamlessly and without obstruction trust is achieved. Reports help in the process of building trust as it allows the client to see the moving parts confirming everything is running smoothly and as agreed.
3. AccountabilityWhen targets are agreed it puts the onus on the service provider (DCA) to complete the set tasks approved and the fixed goals agreed. By accepting accountability, it offers the client an automatic level of confidence that the collections agency will deliver on the agreement.
4. It allows traceabilityWhen a DCA implements a fully automated traceable system it helps them to know who is and what is involved at every ‘touch point’ of the service increasing the visibility of those responsible. This has two key benefits:
- Reducing risk and allowing for improvements to made to the entire system, because barriers to success will be identified and dealt with quickly.
- Creating an environment fit for today’s regulatory and compliance standards.