28 November 2012: Cabot Credit Management (CCM), the UK’s leading acquirer and manager of consumer debt, has selected Respond, from Aptean (www.aptean.com) to centralise and automate its complaints management processes.
The system, which went live in September 2012 is used to register and manage all in-bound customer complaints.
“Respond is already significantly reducing the administrative time and complexity of management and compliance reporting. The ability to produce reports automatically with the knowledge that all the statutory data is included, and any potential issues have long been addressed, is invaluable to a highly regulated business such as CCM,” said Deborah Langley, Compliance Manager, Cabot Credit Management.
CCM is the parent company of Cabot Financial and Apex Credit Management who merged in April 2011. The company inherited two largely manual systems so decided to upgrade to help meet the ever increasing demands from regulatory bodies on fair customer complaints management.
Langley added: “Before the final decision was made we conducted our own research of complaints management systems available on the market. We arranged to see Respond in a similar business and the feedback was very positive. This, coupled with some of the teams’ previous in-house experience of Respond, drove our decision to invest in it rather than to build our own complaints management platform. Additionally, its open APIs mean we can integrate the platform with our existing information system very easily.”
Respond has been modified to interface seamlessly with the advanced debt management system currently under development. It is highly flexible and can interface with most CRM systems. The ability to port customer information between Respond and CCM’s debt collection platform will dramatically cut the time and cost of case administration, whilst significantly increasing the efficiency and time to successful complaint resolution for client and customer.
This sharing of information and single-point data input will also guarantee that the data needed to ensure the fair treatment of customers is always available and presented the right way. This is essential to ensure regulatory compliance not just for CCM, but also for its contingent clients to whom CCM must report. CCM and its financial services clients are regulated by the Office of Fair Trading and the Financial Services Authority (FSA) respectively.
Langley concluded: “Regulators are driving consumer fairness. As independent businesses we have always been highly compliant. As a merged entity it’s vital this continues, but we can only achieve this with absolute visibility across the business. We need to know ahead of time if we face a potential compliance issue and put changes in place if we do. “
Integral to Respond is Root Cause Analysis (RCA). CCM will use the resulting analysis on an on-going basis to pinpoint areas of the business that require review, not only to guarantee the most efficient steps to resolution and compliance for CCM and its contingent clients, but also for customers, as laid down by the FSA in its Treat Customers Fairly (TCF) principles.
As a result of Respond going live in September, CCM’s reporting processes have become automated. Respond populates pre-set templates automatically, ensuring that all the data required for individual reporting and the mandatory bi-annual FSA compliance reports, is included.
The Aptean professional services team worked closely with CCM to ensure that Respond was personalised to meet the exact business requirements of the company. The same team will meet periodically with CCM moving forward to ensure on-going performance excellence as the business grows and regulatory changes inevitably transpire.
Aptean, a global leader in enterprise application software (EAS), gives businesses of all sizes a competitive edge. We empower people and businesses with end-to-end, industry-specific solutions to address complex business challenges more effectively. Our software applications and professional business services enable more than 9,000 customers, in more than 100 countries, to more successfully manage their business. Software built specifically for our target markets, aligned with deep knowledge across vertical industries, allow businesses to satisfy their customers; operate most efficiently; and stay at the forefront of their industry. For more information, visit www.aptean.com.
About Cabot Credit Management
Cabot Credit Management is a market leading acquirer and manager of consumer debt. Divided into four specialist businesses, Cabot Financial, Cabot Financial Ireland, Apex Credit Management and Apex Discovery Solutions, it covers debt purchase, contingency collections and customer tracing.
Cabot Credit Management has purchased assets of £7.5bn, managed assets of £1bn, cash collections of circa £20m per month and a 13 year unbroken track record of steady growth.
The Group employs over 700 people with offices in Kings Hill, Stratford-upon-Avon and Dublin. It prides itself on its ethical values and high standards and has an impressive list of accolades. These include Investors in People Gold award (accredited for three years) for Apex Credit Management and Investors in People Bronze award (accredited for two years) for Cabot Financial which also has achieved a Quality Management System ISO 9001 since 2008. In addition both Apex Credit Management and Cabot Financial have been included in the Sunday Times Buyout Track Top 100 best companies to work for.