Video: Thames Water Wins with Customer-Centric Collections
Blog: Enterprise Decision Management Blog
Thames Water, the UK’s largest provider of water and wastewater services, is using FICO collections systems to provide customer-centric collections. In the first seven months of using FICO® Debt Manager™ solution and FICO® Risk Intervention Manager, Thames Water collected £10 million using these services, and has accelerated payments from customers for Thames Water at a lower cost.
Further to this, one of the key metrics set in 2014 was for by Thames Water to reduce the bad debt charge from 3.6 percent of all of the organization’s revenue. Today the bad debt charge sits at just 2.9 percent with the team keen to keep it falling.
“We have a debt book that runs at about £400 million per year and one of the biggest challenges we face is the knowledge and understanding of our customer,” said Ross Betts, Collections Manager at Thames Water. “We had a one-size-fits-all approach in our collections platform; and what we were looking to do, through segmentation and customer data, is really identify different groups of customers, and work out the best way to be treating those customers.”
Thames Water worked with FICO to completely transform its collections platform and pursue customer-centric collections.
“FICO have been really good over the three to four years we have been working with them,” said Betts. “Not only have they provided us the foundation in Debt Manager 9 and the opportunity to communicate with our customers through CCS, but really that relationship and that understanding of collections as well. Their knowledge and expertise in helping us with our strategy has been really helpful.”
Hear more in this video:
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