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FIVE WAYS TECHNOLOGY CAN IMPROVE NPL MANAGEMENT AND NET RECOVERIES.
QUALCO.EU
Organisations deploying collection and recovery technology can achieve much more than ever before, but with less resource.
A TECHNOLOGY REVOLUTION
IS CHANGING THE FACE OF
DEBT COLLECTION AND
RECOVERY, OFFERING FIRMS
THE PROSPECT OF ACHIEVING
MORE THAN EVER BEFORE,
BUT WITH FEWER RESOURCES”
“
Sophisticated collection and recovery technology enables firms to achieve better results, with less resources. Such systems can be much more efficient than legacy offerings, cutting overall collection costs.
MORE FOR LESS
SEGMENTATION AND SCORING
SHOULD ENABLE FIRMS TO TAKE
MORE APPROPRIATE, EFFECTIVE
ACTION EARLY IN THE PROCESS,
WITH BAD DEBT, DELINQUENCY
AND ATTRITION REDUCED.
Automation streamlines the entire collection process and
powers improvement in productivity. All collection processes
can be automated, including the allocation of accounts
between internal and external agents, enabling resources to
be deployed in a more effective way.
Advanced systems bring improved functionality on many levels. Accounts can be managed throughout the entire debt lifecycle, from initial contact through to the legal and restructuring stages, which means every account should get the appropriate treatment in deserves, through sophisticated scoring and segmentation strategies that consider the most up-to-date information on accounts.
INCREASED AGILITY
Best-of-breed systems can be easily scaled up to handle increased volumes as well as effortlessly adjusted to add additional features. This greatly reduces the need for ongoing IT involvement and investment, meaning firms should never have to worry about building their own systems; platforms can be effectively tailor made for their needs.
Applying technology to collections and recovery operations can help firms better meet the challenges of increased regulation. As well as improving efficiency and leading to better overall performance, integrating data in just one location improves consistency of information.
MORE PRECISION
AUTOMATING COLLECTIONS OPERATIONS GREATLY INCREASES EFFICIENCY AND PRODUCTIVITY, BUT IT ALSO RESULTS IN A MORE CONSISTENT OVERALL APPROACH, HELPING FIRMS TO AVOID THE ERRORS THAT TEND TO CROP UP WITH PAPER-BASED, MANUAL PROCESSES.
Having higher quality, more consistent data ultimately helps firms to avoid fines arising
from the use of incorrect information, eliminating poor practices and errors that may
unfavourably impact on account holders.
Integrating segmentation analytics within a debt recovery and collection application means that treatment strategies for specific groups of accounts can be applied automatically on an ongoing basis, at the same time as taking into account real-time updates on customers.
SMARTER OPERATIONS AND STRATEGY
Treatment strategies can consist of an automated sequence of actions, configured on the basis of each account’s history and current status.
This approach reduces costs and boosts revenue as accounts should be handled in the most optimum way, without the need for manual intervention. Accounts can be automatically migrated to different treatment strategies or allocated to alternative external agencies based on their evolving characteristics.
Technology gives firms more control and visibility over the entire collection process. Systems can be configured to ensure firms have full visibility of all activities performed by both internal and external agents. Managers can use the collation and analysis of statistical data from advanced systems to better deploy internal resources.
MORE TRANSPARENCY
Analytics can be used to address matters of strategic importance, including the efficiency of collection
strategies and outsourcing models, as well as legal and restructuring processes.
The findings of sophisticated analysis can ultimately enable organisations to make improvements in strategic areas in order to optimise collection operations.
QUALCO.EU
THE DEBT
PORTFOLIO BLUEPRINTHow to use technology to streamline debt collection and recovery operations
Technology streamlines debt collection and recovery operations enabling activities to run more smoothly and strategic choices to be deployed seamlessly with razor sharp visibility.
DOWNLOAD NOW!
A holistic approach that deploys advanced technology to the whole debt lifecycle can ensure maximum efficiency at the lowest cost.
Download The Debt Portfolio Blueprint: How to use technology to streamline debt collection and recovery operations to discover more.