Wescot – CCR Sponsors

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Even as one of the leading firms in their industry, Wescot are looking forward to the CCR interactive event, as it is likely to give them some additional insights into how they can delight their customers even further.

Wescot are sponsoring this 1 day event which takes in both the renowned credit excellence awards and a lavish awards dinner. Given the calibre of both the event and its sponsor Wescot, it is expected that an incredibly high standard of speaker will be on show to discuss the latest news and trends in the industry and also to provoke engaging debate.

Paul Jenkins who is the Chief Executive Officer at Wescot has discussed the inherent value of having such top level speakers at an event such as this. This becomes even more relevant, when the general landscape of the credit industry is noted as being one of uncertainty and change, and Paul believes it is essential to have leaders who are both strong and ethical to help engage businesses and to help them adhere to the best practices they can. Whilst Wescot have an incredible amount of experience in the industry, they feel that there is still a lot to be learned from events such as this.

The CCR interactive event however is not just of a benefit to the firms such as Wescot, who attend it. The event also has considerable implications for customers as it does all it can to encourage the best practice for both the companies and clients alike. The Awards ceremony itself Wescot adds, will honour those who fulfil these best practices and deliver them on a constant basis. After the awards ceremony comes the awards dinner which is a chance for those in the industry to mingle and discuss the hot topics between themselves in a lavish setting.

Wescot are one of the leading debt collection companies within the UK and based on the many years they have been trading, they understand the importance of treating all sides of any debt situation fairly and ethically. Wescot currently operate across 3 locations around the UK with bases in Glasgow, Hull and Saltcoats, currently employing around 650 people. These 650 help Wescot to provide their great service to over 5 million clients each year.

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Debt Management Strategies from Wescot

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Wescot As CEO of Wescot Credit Services Paul Jenkins has a wealth of knowledge and expertise relating to the debt collection market in the UK.  In response to a recent request for his thoughts on how banks specifically could manage debt more effectively moving forwards, he was able to identify some strong strategic paths that could help.

Most banks have, over the years, acquired a variety of high-risk assets.  As part of a general portfolio in more stable times these assets have been valuable.  In today’s economy too many of these assets represents an unacceptably high level of risk.  Disposing of some is a strategy that not only removes a degree of the risk from the banks, but also releases much needed capital back onto the balance sheet.  This is a responsible approach that will also do much to elevate the banks in the eyes of the regulators.

Wescot knows that compliance has become a key element of any bank strategy since the collapse.  Regulators and legislators are just looking for reasons the clamp down hard on risky behaviour.  One of the best ways for banks to alleviate this pressure is to actively demonstrate an awareness of and dedication to the principles of TCF, or Treating Customers Fairly.

If banks can flow these principles into their debt sale, collection and recovery processes the benefits will be two-fold.  First, the regulators will be satisfied, and second, a focus on good procedural practice will deliver better all-round results to the bank.  This should apply not only to internal policies, but also up and down the supply chain.  Any organisation involved in assisting the banks in their debt management should as a default embrace TCF principles at their core.

Finally, the wholesale adoption of the requirements of Basel III by banks will do much to engender confidence in the ability of the banking sector to respond to criticism in a positive manner.  To protect their assets from future fluctuations in the sovereign debt markets, banks need to ensure that their equity and capital levels remain healthy.  Disposal of high-risk assets and more effective, customer-focused debt management are key enablers of this strategy.

Wescot have over 40 years of experience in debt collection, and their own strategic approach to risk management allowed them to weather the storms of the last 5 years relatively unscathed.  Banks seeking to re-establish confidence and protect their future positions may be wise to consider these suggestions for risk management put forward by one who knows.

Wescot is the natural choice as CCR Interactive Sponsor

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Following the recent economic downturn, certain industries (especially those related to the financial services sector) have been placed under unprecedented levels of scrutiny. This is particularly the case with regard to the credit services industry. On one hand, media attention has tended to focus on a perceived lack of fairness and overly heavy-handed methods employed by some individuals. In addition, the industry has regularly been the focus of political attention – with politicians frequently expressing a desire to introduce further regulatory measures.

WescotThis high level of attention aimed at the industry is one of the reasons why CCR Interactive and the CCR Credit Excellence Awards are so valuable. The conference itself provides businesses operating in the credit niche with the necessary knowledge to ensure they are up to date with new requirements on compliance. The Credit Excellence Awards provides recognition for those companies that have achieved excellence in their specific fields. The main sponsor for the 2013 CCR-Interactive event is Wescot. This Hull-based debt collections agency has a national base of clients and currently employs in the region of 650 staff. This growth over recent years is due in no small part to the company’s commitment to compliance and sound business practices. The company’s emphasis is on treating customers fairly. In particular, Wescot recognises the importance of a professional, fair and transparentcollections facility to reach outcomes agreeable to all parties concerned.

 

Wescot | ExPin plaform

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Wescot; a top debt collection agency, has signed a multimillion pound contract extension with Experian, for vital data services which will improve Wescot’s ability to manage accounts and give customers a better experience. The partnership with Experian will help Wescot’s ability to understand customer characteristics and will improve the collection company’s performance.

Wescot Wescot is a pioneering company on Experian’s platform, ExPin, showing their commitment to making sure their collections efforts are fair and accurate. The new agreement means that Wescot will migrate to the new ExPin plaform. Wescot will be able to see each client as identified by a unique Personal Identification Number (PIN), which will resolve issues relating to duplicate accounts or inaccurate data. The ExPin platform will give Wescot the ability to generate complete and precise profiles of their clients, which will then give them the ability to maximise their fair and accurate collections.

The partnership will help Wescot maintain strict and precise adherence to collections regulation; as the industry has recently come under some scrutiny. The move shows that Wescot is rising above simply meeting benchmarks however – they are attempting to become industry leaders who provide the best experience for customers. Wescot is already regarded for its high level of quality collection practices, and the implementation of ExPin will keep their reputation for this strong.

Paul Jenkins, the CEO of Wescot said in a statement that the partnership gives the company the ability to gain “insight” into unique customers and the portfolios of clients. Previous partnerships between the company and Experian have given Wescot better performance in the competitive realm of recovery and collections in the United Kingdom. Paul Jenkins also said that the pairing of ExPin with Wescot’s decisioning and execution platforms will improve the company’s ability to individuate customers, in an effort to better consider the individual circumstances for each customer; giving Wescot the ability to deliver the right solutions for repaying debts.

This deal provides the best of both worlds. By ensuring that the needs of customers are met, while at the same time making sure that the company stays firmly within the boundary of reporting and compliance practice, health, reputation and ongoing high-quality service Wescot provides will be free from bumps in the road.

Wescot | Strong position for growth and service delivery

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Wescot is a UK-based collections company that was established in the early 1970s and became a private limited company in 1983. The company was purchased by Alchemy Partners in 2005, which has allowed for expanded growth and service delivery, which combined with over 40 years of experience, has cemented Wescot as the largest collections agency in the United Kingdom.

Wescot boasts a 25 per cent market share in banking, providing services to all major UK banks. Overall, the company provides services to over 50 of the UK’s largest companies in diverse sectors such as finance, telecoms and media, utilities, retail financial services as well as local governments. The product range of the company is designed to support total debt management by focusing on five key units: collections process outsourcing, tracing services, debt collection of both individual and business debt, debt purchase, and if all else fails, litigation and the enforcement of debt collection.

Wescot has established itself as the market leader in compliance due to ensuring that the right skills and attitudes are in place, that the capacity of the staff is sufficient for the volume of clients, that the technology is in place to ensure efficient collections, and that sound risk management is provided along with a robust quality and compliance framework developed by industry experts.

Wescot has enjoyed financial success in recent years, with a turnover of £32m in the last financial year, largely due to the fact that Wescot is a company free of debt, which provides a strong position for growth and service delivery. The organisation manages over £8bn in client assets and in the last year has accepted over 5 million new client instructions. A large staff body of 650 individuals in three sites has managed to issue over 16 million letters, handle 6 million calls while making 10 million outbound calls and collect over £200m in outstanding debts over the past year. To further expand their capacity, the company has spent over £4m in an investment programme spanning two years which focused on upgrading the telephony environment, scaling up the networks linking the three locations and upgrading the collections platform. This has resulted in the potential to scale the business to three times its current size.