10 January 2006 - TSP Launches Asset Retention Service for Banking Sector
As the banks deal with Government plans to use hundreds of millions of pounds lying in dormant bank accounts, The Shareholder Partnership (TSP) which specialises in úhistoricî asset retention services for the financial services sector has announced that it is to launch a product for the banking sector in early 2006.
TSP whose team has over 50 years international asset retention experience, and who reunited client´s stakeholders (customers, shareholder, employees, investors) with £20 million in the past 12 months, believe that when it comes to tracking úlostî customers financial institutions can no longer rely on the gritty údebt collectionî methods traditionally used to track down bad debtors under who are typically under age 40.
Analysis of 5,000 cases handled by TSP in the past year found that dormant assets 15 years or older resulted in 80% of úlost or missingî customers traced were over 60 and 60-70 % had died. Aware that many older people and certainly the deceased fall off the radar of credit control agencies, the company will soon bring services to banks which bridge the gap between investigation and genealogy for the first time in Europe.
As a result, TSP combines specialist software and the telephone skills of a growing army of self styled úMiss Marpleî freelance investigators who track down and contact beneficiaries, often their peers, by telephone. The model is the brainchild of Tim Marshall, a US expat, based in the UK for the last 10 years who worked with banks and other financial institutions in his native US, as well as Canada and Australia where escheatment laws first came in to play in several years ago.
Says Marshall, úEven last year an ONS Survey revealed that 16% of Britons were over 65. In an ageing population where people often die without a will, many account holders will fall off the radar of mainstream agencies. This means that banks will lose large volumes of business if they don´t employ effective tracking techniques. The costs of customer acquisition is a perennial debate in banking boardrooms and our experiences in Canada, and the USA demonstrate that however hard they are to find, loyalty amongst account holders and their beneficiaries is almost certain if they are approached in an emotionally intelligent way.î
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