“I have always believed that there is only one way to be empathetic, honest and friendly in the world of debt collection, especially when dealing with people facing difficult situations. The approach is at the heart of the lantern. “ state Dennis Crosley, CEO of lanthanum, An award-winning debt purchase and collection specialist.
How did everything start?
Lantern began his life as a small, self-owned business, selling £ 2m with a small profit. In 2014, the sector was regulated by the Financial Conduct Authority. Therefore, it is time to review its operation and make it more robust and industrialized in preparation for regulatory scrutiny. With continued growth and increased debt purchase volumes, the company now has multiple debt lines per customer, so it makes sense to consider improving the customer experience. Eventually, we migrated c1m customers to a new collection platform and created their own “single customer view”. This has provided our customers with a bespoke journey while increasing operational efficiency and cost efficiency.
Dennis considered the company’s position, found that the regulatory focus market was declining, and pondered USP against competition. As the largest purchaser of “payday” debt, we had the most comprehensive dataset of vulnerable customers. By this time, she had focused company-wide on providing professional customer management programs. It is no longer considered a debt collection expert.
In 2016, the company received regulatory approval and attracted new investment for growth from Copper Street Capital, which acquired the controlling stake in Lantern in 2017. Then, a very necessary rebranding to the “lantern” was made based on the consideration that it is the “major light” in this area and the “light at the end of the tunnel” for the customer.
With new investments and additional funding lines secured from two banks in 2019/20, Lantern was able to expand its customer base to today’s c3m and triple all key financial indicators. ..
To ensure that the culture was integrated into the business and that colleagues worked towards the same goal, Dennis introduced LTIP to staff at all levels. It helped coordinate the culture and vision of the entire enterprise to realize the strategy.
In 2019/20, she set out an independent survey by Investors in Customers (IIC), hoping to find out what customers and staff really think about their business and how they handle it. Dennis is very proud to be the first to win the Silver Award, then GOLD in 2020 and again in January 2021. This is appealing to any business, especially those where the “customer” has never initially chosen to do business with a lantern. Only one of the two companies in this sector has achieved this.
During 2020, these achievements led to eight new client contracts, five of which were long-term commitments to Lantern to acquire vulnerable customers.
Being a trusted partner
The lantern brand and reputation, the low level of endorsed complaints, and the view of a single customer make it a consideration when lenders consider partners to acquire and manage customers in delinquency requiring professional care. Make a “safe” choice. Its extensive database of consumer data and sector trends accurately pricing debt purchases to prevent over-pricing from penalizing customers due to improper practices and developing custom collection strategies. Very valuable as a tool to do.
It’s about creating a real USP
Dennis believes that engaging in a regulated business means that the accountability and liability of all personnel is a prerequisite. This allows her “open door” policy and “firm but fair” leadership style to keep management within compliance and regulatory guidelines while maintaining autonomy. In some respects, regulation helped her incorporate the right culture throughout the organization. She likes her team to do it well, but make sure she has the control to check and approve changes.
Her idea of influential leadership is ahead of its time. She believes that if you want to stand out from the crowd, you have to support something special.That said, she adds “Create a genuine USP that everyone believes and supports, encouraging teams to further innovate and grow that USP, making the entire business a special one that clients and colleagues want to participate in. I will do the rest myself. “
According to her, beliefs, tenacity, courage, positive thoughts, and plans to implement ideas are some of the key traits that every leader should have.
Aiming for business expansion
Dennis likes to scan and transfer plans horizontally in preparation for the company’s strategic day, and regularly hires senior managers to “industry” the business to ensure consistency with growth plans. The future is always being considered because it is “industrialized”. Her ultimate vision is for Lantern to become a debt purchaser, the single largest specialist in acquiring and managing default customers experiencing vulnerabilities. Over the next three years, the company aims to leverage technology efficiency and create more customer self-service options to avoid headcount growth to triple its current sales and profits. I am. Acquiring competitors and subsidized businesses adds to its growth and is certainly in its sights.
Believing in yourself is the key
In her advice to future entrepreneurs, she said: “Believe in yourself and confront what you believe to be right. Always understand the facts correctly, make sure you are speaking from a powerful standpoint, work wisely, and hear your voice correctly. How to do it. “
Dennis Crosley: Adding a More Human Touch to Debt Collection
https://www.insightssuccess.com/denise-crossley-adding-a-more-human-touch-to-debt-recovery/ Dennis Crosley: Adding a More Human Touch to Debt Collection