Listening is key to best-fit approach
The BPO service relies on highly trained Cabot call-centre agents working with individuals who have fallen behind on debt payments. The agents track all contacts and progress in the Cabot-developed credit management application, which credit unions then monitor to understand the status of their non-performing loan portfolio.
"Our goal is to help every customer on their financial recovery journey. We listen to their circumstances, then come up with an affordable repayment and restructure plan that helps them recover as quickly as possible from their debt," explains Clear. "Once customers realise we're truly listening and trying to find a solution, the telephone conversations change big time."
"We strive to meet high ethical standards and are regularly audited — not only by our clients but by the Central Bank of Ireland and third-party auditors," says Clear. "Every week, our management team sits down and listens to several different agent conversations with customers, to see how we're performing and how we can continuously improve our efforts."
Clear sees parallels between Cabot's focus on listening to its customers and the kind of consultative approach he's found in his interactions with Sungard AS.
"Sungard AS took the time to size up exactly what our business required," says Clear. "We weren't looking for the Rolls Royce of systems — we wanted a resilient infrastructure tailored to our business that took advantage of the economies of the AWS cloud. Sungard AS had the expertise to bring together all of the pieces and back it with 24/7 management and monitoring."
Assuring compliance with standards and regulations
Working with Sungard AS also simplified Cabot's need to comply with numerous industry standards and regulatory requirements. "Our clients want us to align with industry best practices, whether that's ISO or NIST or CIS controls. We've aligned the Cabot business with CIS controls, but some of our clients expect our DR as a service to align with the ISO 22301 standards," explains Clear. "By working with Sungard AS, we don't need to have certifications in those areas, because we're outsourcing the requirements to a company that has all of those certifications and competencies already in place."
Cabot also benefits from Sungard AS' investments in compliance with broader EU standards. The services from Sungard AS are designed to meet EU General Data Protection Regulation (GDPR) standards for resilience, security, and privacy, and thereby help Cabot in its mission to protect confidential consumer data.