SAN DIEGO - Tuesday, October 16th 2012 [ME NewsWire]
Competing Teams Operate Virtual Portfolios to Test Collection Strategies in Real-world Market Conditions
(BUSINESS WIRE)-- BankersLab®, the first company to deliver a suite of integrated gamified training products to the retail banking industry, has today announced the launch of CollectionLabTM, 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% in Q2 2012.
To help banks tackle these challenges, BankersLab has developed CollectionLabTM – 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."
CollectionLab is suitable for a range of job functions, including risk, collections, portfolio management and analysts. On release, BankersLab will offer clients rigorous ‘train-the-trainers’ or professional services support as an enterprise license. Future releases will include certification programs.
BankersLab is leading the way in delivering innovative, strategic learning across the banking industry to improve customer and financial outcomes. Utilizing a blended learning model, BankersLab integrates numerical simulation, scenario games, the gamified classroom and mobile learning - designed to inspire even the most experienced banking professional.
BankersLab® is a global company, with offices in the US, Brazil, UAE, Thailand, and South Korea. For more information visit: http://bankerslab.com.
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