Summary of Industry Advisory Group London Autumn 2012

We recently completed our second annual European Industry Advisory Group in London. Attendees representing 8 of the UK’s top financial institutions gathered alongside our clients and partners, more than 30 attendees in all. The group had the opportunity to review many of the challenges in the industry and the many opportunities to utilize technology to drive down costs and improve compliance. We welcomed Auriemma Consulting Group as Preferred Partners and described our mutual quest to continually improve the business perspective and value added of CMC’s periodic review process.

Discussion in the morning centered on the group’s reading of “the economic tea-leaves” and the implications on collections organizations’ operational responses. We introduced attendees and reviewed the many new developments at CMC since our last IAG, including new clients, partners, product capabilities deployed, and organization expansion in the UK and EU. Bridgeforce’s Andrew Domino led a discussion of the three main economic drivers that will impinge on creditors’ ability to collect more. Auriemma’s Stuart Sykes led a discussion of the operational challenges being experienced in the UK due to both the ongoing economic challenges as well as the regulatory changes afoot including the breakup of the FSA and other impending requirements in both creditors and DCAs alike.

The afternoon sessions centered on best practices in technology deployments and in meeting the compliance challenges posed by the evolving regulatory environment, supplemented by our technology showcase demos. Matt Bailer of CMC led a discussion of digital channel best practices, highlighting the success our recent UK client’s deployment achieved and the future growth initiatives underway. Jackie Sullivan led a discussion of collection agent automation best practices, highlighting the results achieved by an EU client’s installation. Our panel of compliance experts discussed both the challenges and the engagement opportunities inherent in the upcoming FSA changes and urged IAG members to take advantage of the chance to shape, rather than be shaped by, a changing guard.

We host the Industry Advisory Group sessions twice a year, in the UK in the fall and in the US in the spring. We look forward to seeing you next time.