Mike Reilly is the Chief Operating Officer of the Compuscan Group. He has over twenty years of experience in the local and international credit industry, which makes him the ideal person to ensure that our company adopts best operational practices. Mike is passionate about service excellence, a characteristic which he believes defines us.
We interviewed Mike about the Compuscan Group, and how he feels about Compuscan as a local and global market leader in the credit industry.
Q: What is the credit industry currently like in South Africa?
A: South Africa operates in a very mature credit market, and, because of this, our credit industry is probably in the top five most sophisticated countries, globally. With extensive data being shared via very competitive credit bureau industries, and with the adoption of first-world credit granting practices, through the use of scoring and automation, as well as increased accessibility due the adoption of mobile networks and devices, the majority of South African consumers have more choices than ever before.
Q: You speak of choices for the consumer when taking out credit. How does reckless lending affect the industry?
A: While the legal framework in South Africa seeks to protect the consumer from undesirable lending practices and over-indebtedness, the demand from consumers remains high, particularly in the low interest cycle that currently prevails. Under these conditions, it becomes increasingly difficult to compete for a share of the ever-stretched consumer wallet.
Q: What can credit providers do to distinguish themselves in terms of the customer life cycle?
A: One of the key differentiators will always be the cost of credit offered to the consumer, but for the credit provider to remain profitable, they need to find cost savings. This can be done by looking for effective acquisition channels, improving operational efficiencies, and reducing liabilities via improving the quality of credit granted. The other key differentiator to win and retain customers is through superior service levels, and also by offering customers additional incentives such as loyalty and reward programs.
Service providers to the financial sector need to provide key offerings at all points of the customer life cycle. This includes marketing, acquisition, management, collections, retention, and loyalty and rewards. At the same time, credit providers also need to be able to advise their customers on compliance and regulatory requirements.
Q: How has the Compuscan Group differentiated themselves as a leader in the credit industry?
A: At Compuscan, we have strategically organised our divisions into centres of excellence, with each area developing product offerings to cover the majority of our clients’ requirements throughout the customer life cycle.
Our Decision Analytics business unit, Scoresharp, has built a staff compliment of more than thirty analysts and experienced consultants, with a combined relevant work experience of over two hundred years.
The Loyalty and Rewards business unit is comprised of P-Cubed and Encentivize. These companies have supported many key customers over the last eight years to manage loyalty programs, which service more than three million members.
Compuscan Marketing Services has a track record of eleven years in providing clients with the best targeted campaigns specific to all types of marketing channels, including SMS, automatic voice messaging (AVM), email, post, and call centres.
Compuscan Information and Credit Services is the cornerstone of our group, providing the most comprehensive credit bureau data offerings and associated services, including bureau scores, credit reporting, and loan management solutions, to name a few.
Compuscan Training Academy, along with a strong legal department, means the group is well placed to provide up-to-date legal and regulatory services that ensure our clients remain compliant.
All of our group services are underpinned with an emphasis on service that is reinforced through our national call centre in Stellenbosch. Our call centre agents provide client support, technical support and direct-to-consumer services.
Compuscan is committed to providing the most comprehensive services to our clients, which truly brings measurable business benefits to their organisations, by being relevant to the current environment.
For more information on how the Compuscan Group can assist your organisation in differentiating itself from competitors in the credit industry, please contact one of our consultants at email@example.com.