MRS Partners With Neustar
Originally published on MRSbpo.com
Maximizing the reach of data analytics
Harnessing the power of data analytics to optimize performance has always been a cornerstone of MRS operations—so has innovation. That’s why MRS decided to partner with Neustar, an information services company. In order to increase reach and maximize efficiency in a digitally diverse and rigorously regulated industry, MRS and Neustar are implementing solutions that will benefit both clients and consumers.
New technologies, new regulations, and margin pressures all make employing effective analytics all the more vital. As new technology is introduced, a company must identify when, where, and how to use it. Once regulations are added into that equation, it is critical to have analytics on your side.
Prioritizing analytics and the specificity it can bring to operations led MRS to Neustar. Chief Operating Officer Jim Beck said, “Neustar offered some very unique and powerful data to ensure that we are attempting to contact the customer at the right number and the right time.”
The CFPB introduced new rules regarding the legal limit of weekly attempts to reach a customer. A company must make each call, email, or text launched count. This is where Neustar shines: “We look at a lot of consumer intelligence which tells us about phone numbers and email addresses and the best time to call, or the optimal call window. We enable groups like MRS to increase their RPC rates or drive efficiencies across their portfolios,” said Matt Wolk, Neustar’s Senior Director of Identity and Risk Solution.
With Neustar’s expertise, new technologies governed under new CFPB regulations do not pose a challenge to RPC. Wolk said, “On each phone, we provide data insights on when to call or send texts during a window that we know the phone to be most active. The consumer intelligence we have in our database goes across demographics. You need to know the best number to get in touch with someone on the first try. If you know exactly which phone number or email address is right for a particular person, you’re less likely to fall into a trap. It mitigates a company’s risk by knowing the right way to reach someone.”
Deploying Neustar’s analytical technology allows MRS to optimize operations. Beck said, “With Neustar, we’ll be able to focus our outreach and be more strategic in our contact attempts. In an industry that contacts are rare, increasing this number 15-20% will have an enormous impact.”
Neustar’s strength is its precision, a quality which MRS is excited to utilize. The company’s revolutionary technology offers exciting analytical data that benefits client and customer. Beck said, “I think this data from Neustar is a win all the way around, with agents being more productive, customers receiving fewer calls, and clients with improved financial results.”
MRS is always looking to innovate and improve and Neustar’s services are game changers. As the collections industry continues to evolve in the face of new technology and regulation, one thing is certain—don’t underestimate the power of good data.