It’s time to release your potential
It’s time to release your potential
Jamie Waller highlights importance of propensity scoring and debtor profiling at LACEF event
On 29th September 2016, CEO of Hito, Jamie Waller, attended the Local Authority Civil Enforcement Forum better known as LACEF. The LACEF event aims to bring together public sector collections, local authority in-house enforcement agents teams and UK government officers.
The event is a free private forum hosted on the Knowledge Hub platform for UK government officers. LACEF has almost 900 individual members from 240+ local authorities. The Knowledge Hub has more than 100,000 users.
Since 1997 LACEF has been supporting members with advice and shared experience in collections and debt recovery.
Jamie was selected as one of the speakers at the event and shined some light on the importance of propensity scoring and debtor profiling. Jamie outlined that,
“Propensity needs to be at the heart of everything the DCA does to be effective. Unfortunately, there are less than 4 systems globally that can handle this process.”
He continued on to explain,
“If you do acquire the technology to enable your collection operation to analys the debtor and your staff and then match them based upon the statistical likelihood for one to deal with the other in amore effective way the benefits are huge. For example imagine putting that Polish builder debtor through to your polish talking member of staff who was once a builder themselves. Wow.”
Some key takeaways from the presentation were:
- Match the right collector with the right debtor.
- Understand the debtors characteristics and what makes them “tick”
- You need to scale (200+ users)
- Implementing the right technology
If your technology can’t handle the level of intelligence, don’t do any modelling as you’ll create an unfair, bias solution to collections.
For a copy of the presentation or further information please get in touch firstname.lastname@example.org
“Propensity needs to be at the heart of everything the DCA does to be effective. Unfortunately, there are less than 4 systems globally that can handle this process. If you do acquire the technology to enable your collection operation to analys the debtor and your staff and then match them based upon the statistical likelihood for one to deal with the other in amore effective way the benefits are huge. For example imagine putting that Polish builder debtor through to your polish talking member of staff who was once a builder themselves. Wow.”
Long term OSI investment into Hito shows confidence
OUTSOURCING Inc. who recently acquired Hito and its sister company JBW in a deal valued at over £24 million, has increased its investment in Hito as part of its strategy to expand into the UK Fintech Sector.
The additional investment is designed to secure Hito over the next 24 months as it builds and expands its UK business both organically and through acquisition.
Jamie Waller, founder and CEO of Hito commenting on the increased investment said:
“The long term investment made by OUTSOURCING Inc. demonstrates their confidence in Hito and its new management team at this very early stage of our business development. This secured investment gives us greater freedom to exploit opportunities as they present themselves and to ensure the quality of product and service we are able to provide to our customers.”
Mr. Haruhiko Doi, founding shareholder, Chairman and CEO of OUTSOURCING Inc., said,
“We are very excited to expand our global outsourcing capabilities into the debt recovery sector. Hito is a fantastic business that will play an important role in the UK economy and we will continue to support the incumbent management team to continue the great work they have already done.”
OUTSOURCING Inc. is a Japanese multinational company headquartered in Tokyo and engaged in providing outsourcing services globally. OUTSOURCING Inc. has a strong network in Japan and operations in China, Indonesia, Singapore, Malaysia, Thailand, Vietnam, Cambodia, Australia, India, the UK, Belgium and Chile. In 2015, the company’s revenues are in excess of US$ 0.7 billion. OUTSOURCING Inc. is listed on the 1st Section of Tokyo Stock Exchange and has a market capitalization in excess of US$ 0.5 billion.