BMW: Driving collections management for financial services in Germany
Along with its automotive concerns, BMW Group's activities comprise a comprehensive financial services, including a variety of products and services covering financing and leasing, automotive insurances, dealer financing and fleet management for both individual consumers and commercial organisations.
BMW Financial Services Germany, part of a worldwide division with over 26 subsidiaries, will roll-out Experian’s collection management system, Tallyman. Commencing the deployment, Tallyman will enable BMW Financial Services
Germany to improve profits and increase working capital by reducing debt write-offs.
The system, which is a key component of Experian’s Debt Collection and Recovery Suite, will identify customers who have fallen behind on their loan and lease repayments and flag up those who might be facing financial difficulties. As a result, BMW Financial Services Germany will be able to extend it’s pro-active approach to customer management across the complete collection lifecycle – from pre-delinquent and delinquent to recoveries stages.
Tallyman automates the collections process by consolidating all customer communications relating to payment arrears, including phone calls, emails, letters and faxes, into a single database. By segmenting those individuals in arrears and attaching risk scores to new and existing customers, the software helps identify those customers at most risk of defaulting. This will further enhance to enable BMW Financial Services Germany’s existing processes by helping it to treat each customer segment optimally to take the most appropriate action.
John Conway, COO at BMW Financial Services Germany, said: “Having reviewed the system, Tallyman is the leading debt management system on the market. By using Tallyman, BMW Financial Services Germany is in an excellent position to more effectively manage customers in arrears with a goal to rehabilitating them and recovering outstanding debts. Combined with Experian’s pan-European resources and support capabilities, Tallyman proved to be our best choice.”
David Groom, Managing Director for Experian’s Decision Analytics division in EMEA&I, said: “Tallyman deployments deliver a rapid return on investment, which in today’s climate is an incredibly powerful proposition. Experian’s collections services and tools provide organisations with the critical insight to help them get a complete view on each customer’s ability to pay. As a result, individual collections strategies can be tailored to each debtor’s circumstances to improve returns and enable the lender to deal with them fairly.”
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Pro-active approach to customer management across the complete collection lifecycle |
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Insight in to each customer’s ability to pay |
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Strategies tailored to each debtor’s circumstances |
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rehabilitating them and recovering outstanding debts |
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Visit the BMW Financial Services Germany website » (Germany language only) |
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