Building better collections processes, with Dylan Jones (IE Hub)
How to Lend Money to Strangers
Brendan le Grange
4.9 • 43 Ratings
🗓️ 25 November 2021
⏱️ 30 minutes
🧾️ Download transcript
Summary
Level with me, how often do you really go to the dentist? Is it every 6 months like they tell you to?
Look, I’m not here to judge you, I’ve certainly missed my share of recommended appointments, and it’s not because I don’t believe there’s a benefit to doing so, it’s just that avoiding unpleasant tasks is always an attractive option when the alternative is doing an unpleasant task.
The same bad habit can be seen at play in collections where consumers, fearing an angry phone call, delay making contact, sometimes until it is too late. This is where IE Hub comes into the picture. IE Hub is a UK-based fintech that simplifies the creation of consumer income and expenditure reports - the “I” and the “E” of the name. These reports provide data that guides the entire collections process, and are entirely necessary, but in their current form they can take hours to complete, hours that may have to be repeated over and over as each lender follows their own parallel collections path.
And that’s more than just a discomfort or an inconvenience - though the impact of that on consumer mental health is enough of a reason. Uncomfortable and inconvenienced consumers tend to rush through the process and the accuracy of responses can fall as a result. IE Hub wants to address this by streamlining the first I&E creation and then by making it sharable, so that it can also be the only I&E - and in this episode of HTLMTS, I speak Dylan Jones, CEO of IE Hub to find out ‘how’ and ‘why’.
You can learn more about Dylan Jones on his LinkedIn page
You can learn more about IE Hub via their home page
You can hear related thoughts on customer-centric collections in my interview with Terry Franklin here.
You can learn more about myself, Brendan le Grange, on my LinkedIn page and find my pulpy action-adventure novels in all their formats on Amazon
If you have any feedback, questions, or if you would like to participate in the show, please feel free to reach out to me at brendan@howtolendmoneytostrangers.show
A full written transcript with timestamps can be found on HowtoLendMoneytoStrangers.Show
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Transcript
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| 0:00.0 | It's pretty scary some of the emails I've seen with, but people who have never been |
| 0:04.6 | a debt, they've never been a debt before, something has happened and they just don't know |
| 0:09.1 | what to do. |
| 0:10.1 | They don't know how to tackle two, three creditors that's chasing their their payments. |
| 0:15.5 | Some of the feedback we're seeing on some of the surveys are pretty astonishing really |
| 0:20.4 | where they reach out for help. |
| 0:22.2 | So that's definitely on an inkline. |
| 0:31.2 | Let's say you wake up tomorrow morning with the realization that there's a difficult |
| 0:34.9 | conversation that you need to have with someone. |
| 0:37.8 | Do you A, call them right away or B, procrastinate and hope the situation resolves itself? |
| 0:44.7 | Now, of course you want to say A, I want to say A, but honestly, I'm not infallible |
| 0:50.7 | and or most people. |
| 0:52.5 | It's all too easy to find a justifiable reason to put up some discomfort until later, |
| 0:57.6 | or to cut short an uncomfortable experience, even if we know it's good for us in the |
| 1:01.8 | long run. |
| 1:02.8 | It's human nature. |
| 1:04.1 | So when the success of your process relies on your customers having difficult conversations |
| 1:08.4 | with you, as collections often does, you can either hope your customers will all defy |
| 1:13.4 | their human nature and make the call they need to make, or you can try to remove the things |
| 1:18.2 | that make a collections interaction uncomfortable in the first place. |
| 1:22.1 | Welcome to how to learn many two strangers with Brendan Lagrange. |
| 1:27.1 | I've worked in consumer credit strategy for 20 plus years now and held down roles across |
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