How to apply payment intent to utility debt management
Stresses on the economy and household finances have played a significant role in the rise of first party fraudulent behaviour in the water and energy supply markets. Debt levels reached £2.08 billion in 2010, with £76 million spent chasing the debt and £161 million written off. The water industry has faced the worst of this crisis, accounting for 75% of the debt, hampered by regulation and a non-competitive market. With open competition and more control, the energy supply industry has become a market driven by switchers eager to move on when the going gets tough and when it becomes easier to leave behind unpaid bills.
For both industries Fraudscreen solutions are used for predicting the payment behaviour of prospects, customers and defaulters. This guide demonstrates the power of the solution and gives examples of how it can be applied to risk, marketing and collections activity.
- Identify those most likely to default on a regular basis.
- Predict speed of payment once customers have entered the collections process.
- Enhance internal scores/segmentation solutions for prospecting and collections.
- Reduce debt levels, increase profitability.
