Yes, at least to some degree. Even if we all like to think of ourselves as unique, compared to others we often behave in the same patterns
Did you know that your financial DNA consists of five markers? The model is based on five characteristics such as payment history, valid contact information, degree of correspondence, basic information of the debtor, as well as data related to the original claim. Collecting the financial DNA of 6.5 million people in our scoring system enables us to determine the rate of success in collecting money on the portfolios we acquire.
The ability to segment non-payers into groups with similar payment probability is what matters. Our scoring database consists of all the data we have collected throughout the years and is continuously enhanced with data collected through dialogue with the customer. So, what is the most significant information? For existing customers, past payments and valid contact details are the best indicators of future behaviour. The average amount paid tells us what the customer can afford to pay and prior contact provides information on how to best approach the customer. Information from paying customers is used to estimate appropriate payment plans for non-payers. It is also possible to make models to predict the probability of finding and getting payment from a debtor without a valid address.
Our understanding of the customer’s financial DNA enables us to negotiate win-win solutions. Being able to predict a likely outcome of a conversation enables our employees to approach each customer with the insight and integrity they deserve. We know that dialogue, aided by analytical knowledge, yields results.
Grouping customers with similar financial DNA helps us to tailor solutions that are acceptable and beneficial, not only for us but also for our customers.