Short-term lender 247Moneybox – gaming the debt collection system

( Short-term consumer finance operation 247Moneybox is extending is disrupting influence this time in the world of debt collecting. By using gamification the fast growing fintech outfit is keen to reposition the perception of debt collection as being a positive step for customers to take back control of their finance rather than a zero sum game where the firm wins and the customer loses.

Mark Hannay, 247Moneybox’s COO believes “We are all about harnessing tech to bring about virtuous circles for both staff and customers. Reinforcing good behaviour has proven to be a far better collecting tool than punishing bad. And good behaviour leads to more good behaviour which produces far better outcomes for all parties concerned.”

Hannay goes on to give an example. “It’s hardly a new phenomenon that people like to build nurture and watch something grow, whether that be crops, a Facebook profile or their bank balance. We think that can equally apply to our customers and staff set in the context of debt collection.”

The firm is starting on the staff side of the business setting up Facebook style profiles of its collecting staff. Each collector will earn points (“pig points”) that they can put towards monthly rewards or cash. Building those points comes down to aligning their behaviour with responsible debt collection and best practices. Staff can also boost their points by attending internal and external training sessions, linking their LinkedIn, Twitter and Facebook profile (liking reposting company posts etc.) and taking compliance pop quizzes. By playing on age old human psychologically and making a game out of the process, it’s an exciting new collection tool to create beneficial outcomes for all stakeholders.

Media Release on 5 June 2014

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