Transforming the collections process for utilities providers

Collections is unappealing for collections agents and for customers. DirectID spoke to some of the leading companies in the field about key problems.
Published on
November 16, 2021
Author
Category
Finance & Fintech

Collections and recoveries

With a myriad of external forces that have left household incomes squeezed, the likelihood of delinquency is at an all-time high, so utilities providers need to work smarter to mange their bad debt.

A cumbersome, expensive process

Debts can be notoriously trying to bring in, involve considerable amounts of manpower and are taxing in time and effort. With a process that is ripe with inefficiencies, it's costly and time-consuming both for the provider and customer. For the debtor, the collections process is notoriously cumbersome, as well as being potentially embarrassing. The need to forensically examine a customer’s bank statement information, income and expenses
mean the process is more akin to a probing exam, than a transaction of funds.

At DirectID, we became aware of the problems within the current setup when we spoke to some of the leading companies in the field.

Find out more about our solutions for Collections and Recoveries.

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Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

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Verify your customer's income across all income streams, whether it's salaried wages, freelance earnings or benefits.

Categorisation & classification

Cut through the noise of a bank statement and understand how and where your customers spend their money.

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Identify emerging financial distress to enable early intervention before your customer defaults.

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See the balance trend of an SME’s accounts with a view on income, stability and fluctuations. View the money a business earns, spends and saves on a regular basis.

What our customers say

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DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

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Automotive financing

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DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Shieldpay

Multi-award winning payment platform. Designed for highly secure & efficient transactions. Trusted by over 100 law firms, lenders and professional services.

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DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Target Group

A Tech Mahindra company and a leading business services provider in lending, investments and insurance, managing over £25bn+ assets.

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DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Best Egg

Consumer-lending platform developed by Marlette Holdings, Inc.

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DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Dana

A lending as a service provider using open banking to strengthen their credit scoring engine

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Frequently asked questions

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01

What is open banking and how does it work?

Open banking is the practice that allows people and businesses to share up to 12 months of transaction data. DirectID is regulated by the Financial Conduct Authority as an Account Information Service Provider (AISP) - the intermediary who safely facilitate this process.

02

What is transaction categorisation?

Transaction categorisation is the process of adding context to raw transaction data. The process gives you an understanding of what your customers' spend their money  and where.

03

How does bank account verification work?

Using the bank account verification API, DirectID matches the details provided from your customer to those on their account. We apply a set of sophisticated algorithms and rules to verify the name, and then tell you what does and does not match.

04

How do you verify income with open banking?

After a customer shares their data, DirectID identify recurring credits to the account and group these. Using an algorithm we identify the monthly income for each income stream. We then return the calculated income and confidence score to you.

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