The Collections Manager’s Duty, & Opportunity
Perhaps you started your career as a front-line collector—most likely working early-stage delinquent accounts, and driven with a natural passion for helping people. From there, you may have been promoted to deeper stage accounts where the conversations get tougher, and the job can become quite frustrating. Over time, you’re exposed to the intricacies of repo and recovery, skip tracing, legal, insurance, and all the other interesting aspects of servicing and collections.
Perhaps your sense of compassion and success with customers was equally yoked with your ability to juggle high visibility tasks, and pretty soon you were promoted to collections supervisor, where new skills and abilities as a teacher were honed and sharpened. And in that first leadership role, you once again thrived as your team out-paced and out-performed the rest. And in time, and after all the blood, sweat, and tears, you earned a promotion to manager.
The manager or director role is perhaps the most opportunistic for improvement in any organization. You are still close enough to the action to where you have your finger on the pulse, but you also have some clout to create new policies or otherwise streamline operations. This is also most likely your first job where analytics and reporting skills are expected of you. One of the first things I did as a young manager was to learn how to get data out of the system. Not that anyone went out of their way to teach me, but I made it a point to ask for query access to the main database so I could pull data into Excel, where I was able to secretly measure my department’s results, and compare my own performance against the other teams. I became obsessed with figuring out who my top collectors were vs. who was struggling. My own passion to know how my team stacked-up compelled me to start asking my boss for better analytical tools, which I learned later on was how I gained the attention of my superiors.
Something many of you may not know is that senior-management folks are always on the lookout for those who embrace change. And while in fact most managers hate change, seeking out better tools, adopting new procedures, and otherwise trying to build a better mousetrap is a great way to get yourself noticed in the vast sea of middle-management. Having had our own careers evolve much like the one described above, you should know we’ve built the ultimate tool for middle managers who are hungry for improvement within their own organizations. We’re calling it Lendisoft Insights, and you can think of it like Power BI on steroids.
Lendisoft Insights is vast—more like a full LMS with curated screens that are manager-appropriate. It’s an overlay product, so you don’t replace your existing LMS. And best of all, everything in this decked-out cockpit of screens, dashboards, and setup pages is already custom-designed for you, unlike tools like Power BI which requires IT setup and configuration. But that’s only the beginning…
Despite so much opportunity for customization, we built this solution as a “no-code” platform. That means all the setup is drag-and-drop—making it easy for managers of all skill-sets to shape this tool around them. Take our Score-Builder module, where you create expert-scoring models based on your experience of what high-risk and low-risk accounts really look like. Once the scores are built, they product Risk Grades in an A,B,C,D,E format. These Risk Grades are of your own making, and drive other features like agent-assignments, customer contact strategies (so you can schedule more frequent contact attempts with higher-risk accounts, etc.). When you pull up an account, you get your own “executive” cockpit view, where all of our risk-based charts and graphs come into view, including Odds of Roll, Odds of Cure, Likelihood of Default, Loan-To-Value across the entire loan term, Net-Balance-At-Risk (i.e., likelihood of default X net principal balance), and more. On the charge-off side, we include Likelihood of Collectability, Principal-Balance-At-Risk, Collectability Grades (also based on your expert scores), and much more. We also give you a special “timeline view”, that delivers a graphical representation of all communication activity that’s occurred in the last 30 days; and a “payments view” showing every payment made on a visually pleasing bar-graph. Our data warehouse allows custom fields of your own making, and our query and reporting tools are second to none, delivering both customizable reporting options, plus a host of “out of the box” vintage static pool reports that really hit the mark. Knowledge is power and Lendisoft Insights delivers exactly what you need to see and in exactly the right format.
The point is, if you’re looking to bring new technology to your organization that will not only get you noticed, but provides improved visibility to your entire management team, you must check out Lendisoft Insights. Call us today to get started, it just might boost your career!