201503 CM March

DIVERSITY
experience the difference...
As the old Chinese proverb says, we certainly
do live in ‘times of change’. From a regulatory
point of view the whole landscape of the
collections industry is changing as we come
under pressure from the expectations of the
government, our regulators, and, indeed, the
public as a whole.
Achieving diversity
And one key word is surely at the root
of everything: diversity. Treating every
situation and every customer in an
individual way, with autonomy and
openness is the very basis of what the
government is pushing for and, quite
frankly, what people should be able to
expect from our industry. This might
seem like a very ‘old school’ approach,
but it is one that we need to get
back to and it is only those collection
agencies that are able to show this
level of diversity in their operations
which will survive and thrive into
the future.
trAnspArency for the entire
industry
Of course, it could be considered that
seismic changes for the collections
industry, like the arrival of the
Financial Conduct Authority, only have
implications for consumer collectors
and debt purchasers. However, in my
view, this is not the case. Standards
set in consumer collections should be
replicated into the commercial world.
Why should a client or customer in
the case of a personal bank loan be
entitled to have their case dealt with
in an appropriately transparent way,
but business customer not afforded the
same courtesy? Of course they should!
Modern systems, communications, and
metrics, like DSO, are clearly crucial in
the industry, but they are, very much,
the leaves on the tree. Having diversity,
integrity, and transparency run through
everything we do, as our core ethos,
are the roots of what the government
is pushing the industry to achieve.
professionAl recognition
Of course all this work towards
diversity and transparency should have
several positive effects for the industry.
Firstly the improved standards will
be a benefit in themselves, with a
stronger relationship built with both
clients and customers. But there is
another angle too: when collections,
across the industry, are behaving in
this increasingly professional way, then
they should be entitled to receive the
raised professional status and lifestyle
due to them. In building a better
industry, we are truly building a better
future for us all.
conclusion
When I look at today’s industry, it
strikes me that we were not the ones
who caused the problems – that
happened many years ago – but,
as the torch bearers for the current
generation of the collections industry,
we are the ones who have the
challenge, and the opportunity, to find
solutions. Across both the consumer
and commercial collections sector, we
must be pushing ourselves to behave
with the utmost diversity, integrity,
and transparency, because it is only
the agencies that do this which will
deserve their clients’ trust. And once
we have achieved this, we should be
able to expect the professional status
that a thoroughly professional industry
is due.
Paladin Commercial Credit Management Ltd
22 Aldenham Road, Watford, Hertfordshire, WD19 4FR 01923 800 397
sales@paladincommercial.co.uk george@paladincommercial.co.uk
www.paladincommercial.co.uk
Authorised and Regulated by the Financial Conduct Authority
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Registered in England: 3314636 Data Protection Registration No: Z8147314
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PALADIN
01923 800 397