People-First Approach Helps to Transform Customer Experience
For more than 28 years, PRA Group has been redefining the nonperforming loan industry. As a global leader in acquiring and collecting nonperforming loans, we understand that debt happens to people from all walks of life. That’s why PRA Group, through its subsidiaries, is committed to working with customers to help resolve their debt in a way that is ethical, fair and affordable.
Recently, PRA Group’s work to support vulnerable customers in debt in the U.K. was highlighted on the “Radical Transformation” podcast. The series, hosted by Mike Swetman, features conversations with leaders who are helping transform the future of their organizations. Swetman sat down with PRA Group’s U.K.-based Head of Customer Insight Vikki Wilkins to learn how our company is applying a customer-first approach, rooted in empathy and understanding, to debt collection.
“Everybody’s in debt to different degrees, and at any point, any one of us could have the rug pulled out from under us and find ourselves in a situation with no planning or foresight into. It’s really about how you get yourself out of that in a healthy way and in a supported way,” said Wilkins. “We can provide support. It’s in our best interest for you to be financially healthy because then you’re going to be on that road to recovery a lot quicker.”
PRA Group’s role in the global economy
When a borrower stops making payments on a loan or a credit card for an extended period of time, usually 90 days or more in the U.S., the account is considered nonperforming. Because too many nonperforming loans tie up banks’ and lenders’ ability to lend money to consumers and businesses, they sell their nonperforming loan accounts as part of a portfolio to large, reputable debt buyers like PRA Group.
When PRA Group purchases these portfolios, it helps banks and other lenders free up their available credit and expand credit offerings to consumers and businesses. PRA Group companies then work with customers to pay down and ultimately resolve their debt by working together on a plan the customer can afford.
“We don’t want repeat customers. The goal is to help our customers resolve their debt and avoid further indebtedness.” – Vikki Wilkins
A customer-first approach provides the greatest impact
PRA Group is pioneering a better way to approach collections by ensuring customer care is at the forefront of our company’s strategy. It requires customer solutions associates to first take the time to understand how a customer found themselves in debt, and then work together on an individualized repayment plan.
“It’s important to understand each customer’s circumstances so that we can provide the best possible outcome,” said Wilkins. “We aim to improve trust by being transparent with customers and taking time to really understand and meet their needs.”
This isn’t just a lofty ideal — it’s a practical, highly effective approach that builds on Wilkins’ more than 30 years of experience in the collections and financial services industries.
“We understand that our customers don’t choose us. By nature of having a nonperforming loan, we know they were unable to fulfill a prior credit commitment and are experiencing financial difficulty. When we take the time to understand the customer and build trust with them, they are more likely to stay engaged with the business and pick up the phone when we call,” Wilkins said. “We don’t want repeat customers. The goal is to help our customers resolve their debt and avoid further indebtedness.”
During her 11 years at PRA Group, Wilkins has been instrumental in spearheading efforts in the U.K. to redefine the process of recognizing and supporting vulnerable customers, including victims of domestic or elder abuse, and those who may be experiencing mental health crises. Wilkins said, “Our customer service associates have literally saved lives when dealing with customers in a mental health crisis. They’ve arranged for welfare checks and sent food parcels out to the local community. They genuinely care about the customers they’re supporting.”
“We have the same goal as our customers — resolving their debt in the shortest time possible, whilst improving their overall financial health.” – Vikki Wilkins
Collaboration is at the heart of positive change
PRA Group’s approach has gained the attention of consumer-focused not-for-profit organizations in the U.K. Wilkins is an ambassador for the Money Advice Liaison Group (MALG) and is co-chair of their regional committee in Scotland. Wilkins also regularly participates in MALG’s virtual “Friday Forum,” sponsored by PRA Group. This bi-weekly event brings together individuals from different sectors of the financial services industry with the aim of working together to improve the lives of people in debt.
Wilkins has also provided training for Money Advice Trust‘s “Vulnerability Academy,” a role that is helping transform the entire collections industry by sharing insights and best practices about how to support vulnerable customers. While at PRA Group, Wilkins helped pilot Surviving Economic Abuse’s economic abuse evidence form, which provides a simple and consistent way for victims of economic abuse to notify their creditors of their experience.
Wilkins said, “The reason I’m still here [in the collections industry] after 30 years is because I love it. I love helping customers. I love learning new things about how we can better support customers, and I love interacting and making a real difference in people’s lives.”
Because of her work to help transform the collections industry, Wilkins earned a “Transformation of the Year – Non-creditor” award at Credit Strategy’s U.K. Women in Credit Awards in 2020. The same organization honored her with the bronze award for “Vulnerability Leader of the Year” in 2023. Wilkins also won a gold Stevie® Award in the 2023 Stevie Awards for Women in Business in the “Female Employee of the Year – Business” category for her work championing processes to achieve positive outcomes for vulnerable populations experiencing financial difficulty.
“I don’t want to be treating customers as numbers and bits of information in writing. You know, a customer is not their account details that show on the screen. There’s a lot more to it than that,” Wilkins said. “We have the same goal as our customers — resolving their debt in the shortest time possible, whilst improving their overall financial health. A good outcome for our customer is a good outcome for us.”
About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.
Media Contact:
Elizabeth Kersey
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Elizabeth.Kersey@PRAGroup.com
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Najim Mostamand, CFA
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(757) 431-7913
IR@PRAGroup.com