According to the BCS Alliance, the credit card industry is one of the most profitable lines of business in the United States. Not all credit card companies are corporate monoliths or divisions of large multinational banks. Many are smaller entities acting as credit partners to retail stores. Critical components of a credit card company include divisions responsible for marketing, risk management, customer service, recovery and regulatory compliance.
Create a division dedicated to customer service. Ensure this division responds to all customer requests, complaints and other feedback. Include within the division a traditional call center along with methodology to provide customer service via the Internet.
Assign to the risk management division all tasks surrounding the approval of credit card applications. Allocate the responsibility for charge authorizations as well as credit line increases to the risk management division.
Include a recovery department within the organization responsible for collecting all delinquent customer balances. Use outside collection agencies along with qualified law firms in order to enhance internal recovery efforts.
Form a division responsible for handling all marketing efforts for the credit card company. Charge this division with responsibility for increasing outstanding loan balances as well as increasing the credit card company's brand awareness.
Establish a division responsible for ensuring compliance with all federal and state regulations governing the issuance of credit. Place the task of lobbying applicable government lawmakers under the purview of this division.
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