Corporate responsibility at EOS: Debt collection means taking responsibility.
The EOS Group is resolutely pursuing its corporate responsibility (CR) agenda. But climate protection is not the only goal. The Group’s CR strategy focuses above all on social and corporate engagement, to set an example in respect of sustainable receivables management.
At many companies, the COVID-19 crisis has honed the mindset for corporate responsibility.
Based on its new claim “Changing finances for the better”, the EOS Group has developed a CR strategy that makes a strong case for more responsibility in the debt collection sector.
The CR strategy focuses on four actionable areas: Responsible Collection, Joint Progress, Financial Sustainability and Environmental Protection.
When companies assume responsibility for a sustainable future, many people immediately think about the lowering of CO2 emissions and other measures to protect the climate. Major automakers like Audi and BMW recently announced that in future their fleets would consist increasingly, or even entirely, of electric cars. Moreover, companies are setting themselves more and more ambitious goals of achieving climate-neutral production by a certain date. But what options do companies have whose business is not in the manufacture or sale of emission-intensive products? What kind of contribution can financial service providers like EOS make, for example?
Klaus Engberding, CEO of the EOS Group
Corporate responsibility: EOS focuses on four key actionable areas
Responsible collection: Responsibility and debt - how does that match?
In Bulgaria, the team is also working very successfully using the “nudge method”, where you try to positively influence someone’s behavior by giving them a “nudge” in the right direction to get them out of their debt. This might take the form of letters of encouragement sent by EOS to defaulting payers, or negotiations between collection agents and late payers that motivate the latter to settle. In the process, staff always take the respective life circumstances of the defaulting payers into account and adapt the payment plans for their outstanding payments accordingly. There may also be reasons why someone cannot even settle debts over the long term, for example in the case of serious illness or occupational disability. To deal with such cases, EOS in Germany has established the “hardship case community”, in which colleagues ensure that these cases are handled in the best possible way, always in the interest of the defaulting payer and always with respect and courtesy.
Joint Progress: Why even children should develop financial literacy.
We need to tackle excessive debt proactively, through social engagement in the area of financial education.