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If anything matters to Bo Yu, it’s the little things. Those are the building blocks on which big things — like collection strategies — are based. Focusing on the little things has helped Bo on every step of his journey in collections and would no doubt be helping him if he chose to be a handyman instead. Read on to learn more about Bo, why he thinks the Swiss aren’t just good at cheese and watches, and his great answers for what he likes most about collections.
Name: Bo Yu
Job Title: Client Relationship Manager / Assistant Vice President
Company: EXL Services
Length of time at current company: 4 years
Length of time in industry: 20+ years
How did you get your start in the industry?
I started my career as a decision science analyst about 25 years ago at Associates First Capital Corporation (which was later acquired by Citigroup). At that time, using statistical modeling and data analytics to drive business decision was a relatively new concept. I mainly built scorecards for credit card risk management. As the decision science built its reputation in the company, everyone wanted to use it. Then the time came when I re-developed the collections strategy using risk scorecards about 20 years ago to help improve the performance of credit card collections operation. I got to understand how collections worked and started my long journey on collections analytics and collections operation optimization.
What is your career highlight so far?
A few days after the new collections strategy was implemented at Associates, the feedback from the collection floor was accounts were harder to collect than before. It felt a bit ironic that it was the exact purpose of the strategy and risk scorecards, which put low risk or sloppy accounts into the holding queue for self cure, allowing collectors to focus on the rest of the accounts. Fast forward to a couple years ago, the same optimization concept still applies. I drove the day-one collection strategy test and design using roll rate models over various contact channels to control early delinquency of a fresh started credit card portfolio.
When or how are you most productive?
After 5k run. Usually, I feel most productive in the evening when everything is quiet and after some daily exercise. I like all kinds of sports (pickleball now in particular). After exercising, I feel I can focus better. During the day, I like to take a few 5-to-10 minute quick exercise breaks to keep productive.
Which industry professional do you admire most?
I have to say military personnel. In a commencement speech by Admiral William McRaven at University of Texas in Austin for the class of 2014, one of his lessons learned is “making a perfect bed every day”. It is the discipline, the focus on doing the best on small, little things that inspire me to do the best in my job. “If you want to change the world, start off by making your bed.”
What is one thing you do better than everyone else?
I can bridge the gap between data analytics and operation, given my extensive experience on both collections analytics and collections operation.Getting insights from the data and connecting the dots are what I do the best.
What do you like most about this industry?
It has the pulse of economy.
What is one thing you wish you could change about this industry?
More education for customers on how to manage their finances.
If you weren’t in this industry, what would you be doing?
Probably a handyman or professor at a college
Describe a typical work day.
Start working at 7am CST with the team in India, making sure the daily tasks are delivered on time.Usually, I have a few calls with clients during the day, so any adhoc requests can be taken care of, and planning for the rest of week is done.
If time permits, I also do up to one hour of reading, which can be on anything from finance to sports to travel.
What is your guilty pleasure?
Swiss peanuts. I think Switzerland produces the best peanuts, besides the best cheese and watches. Unfortunately, I have not found a place in the U.S. that sells Swiss peanuts.
What is the best advice you have ever received?
“A journey of a thousand miles begins with a single step” from the ancient Chinese philosopher Lao Tzu (also spelled Laozi). It conveys the idea that any endeavor, no matter how big, must start with an initial, small action.
What are you currently reading?
“How not to be wrong. The power of mathematical thinking” by Jordan Ellenberg
What is one fact you’d like everyone in the industry to know about you?
I like to help, and share ideas about how to make a better collections strategy through data analytics
Who else would you like to see answer these questions?
Mark Ravanesi of TrueAccord and Jason Henning of AIC Corp.
