Legal debt collection services are increasingly being sort after throughout all market sectors, leading to growth in the industry. As the market becomes more competitive, organisations are turning to managed legal services due to leverage new techniques and options for collections to secure late stage success when recovering debts.
As this usage increases, as does the regulatory oversight. With small, often low volume, specialism allows for economies of scale and ensures cost effectiveness to build robust compliant processes across this critical stage of debt collection. A focus on process and technology costs, along with regulatory adherence, ensures competitive services.
QUALCO helps Legal offices deliver better services with measurable benefit:
The Legal industry is on the rise and regulatory governance and control are increasing to ensure that the core principle of treating customers fairly is maintained across the board.
Heightened regulatory compliance adds additional cost for businesses and creates a demand for control measures. These need to be put in place to monitor, demonstrate and evidence compliance.
Technological solutions, such as QUALCO Collections and Recoveries can help to provide this audit framework, to control processes and remain compliant.
How QUALCO helps:
There is considerable focus on creating good customer journeys with fair outcomes throughout all stages of recoveries. Legal stages are no exception.
Clients instructing legal recovery services remain cautious to retain ultimate control of the decision proceeding cases to legal action. Seamless integration between client and legal office is mandatory to retain robust, streamlined processes.
For the organisation carrying out legal services it is imperative to quickly establish the nature of customer debts they have been instructed to recover and data at this stage is key.
Key indicators such as the debtor’s financial status, age of the debt, estimated cost of legal action, available documentation and chance of success through legal processes. Internal and external data, scoring and segmentation are all effective methods to create a streamlined legal process.
How QUALCO helps:
Cost efficiency is a high focus area for the legal industry, with many of the later stages of enforcement requiring manual touchpoints. Ensuring processes are as automated and streamline as possible is paramount to control costs. With over 80% of legal cases resulting in a resolution without further action being required, ensuring customers have the ability to self-cure allows agents to be utilised effectively on higher-value activity.
Seamless integration with clients through an easy-to-use portal also maintains transparent feedback loop and allows full visibility of strategies undertaken, alongside creating more manageable processes that occur in backend legal recoveries such as customer queries, statement of account/invoice requests, and approval of legal documentation.
How QUALCO helps:
QUALCO’s technology ecosystem helps you leverage data to gain customer insights, understand account behaviours and flexibly drive effective collections strategies to stay in control. Use the latest tools and techniques to minimise losses, optimise cost whilst creating good customer journeys and outcomes.
ENABLES LEGAL OFFICES TO:
ENABLES LEGAL OFFICES TO:
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