Oct. 18 - BankersLab, the first company to deliver a suite of integrated gamified training products to the retail banking industry, has announced the launch of CollectionLab, a simulation game training product that improves a bank’s ability to optimize delinquent collections.
In the current economic climate, as the number of delinquencies and write offs remain stubbornly high - collections managers are faced with increased challenges. In their most recent report, the Federal Reserve revealed that delinquencies on residential home loans have continued to rise - hitting 10.61 percent in Q2 2012.
To help banks tackle these challenges, BankersLab has developed CollectionLab – a training product that enhances a banking professional’s ability to develop and test a diversity of strategies on real-world conditions in a virtual environment.
Based around a numerical simulation game, CollectionLab transforms the learner into a player. In order to win, players must successfully operate the most profitable virtual bank with the most satisfied customers. Teams have to demonstrate expertise in each of the key areas of collection management, including staffing, resource allocation, economic stress, and product growth. Each module of the game is linked to gamified course materials, digitally integrated case studies, and supportive iOS mobile learning apps.
Michelle Katics, BankersLab CEO, said of CollectionLab, “The secret to successful delinquent collections is finding the right balance between cost and benefit, while still maintaining customer satisfaction. We wanted to create a product that taught professionals how to confidently walk this tightrope."