As instant disbursement became more popular in recent years, the world of loan collections has changed quite significantly. In response to evolving trends in digital lending, it's now important for financial institutions to reinvent and modernize collection processes to stay compliant.
To be successful, banks need to leverage digital to transform their collections and streamline their processes. Using VeriPark's feature-rich Digital Collection Solution, financial institutions can take early actions in collections, improve loan collection management and reduce the proportion of non-performing assets.
The capabilities of VeriPark's Digital Collection platform help to enhance recovery performance by communicating with customers as early as possible in the collection cycle. Built on top of Dynamics 365, the collection engine enables financial institutions to implement a collection strategy per segment while reducing the cost to collect. It allows to have one centralized process to handle all debt collections.
On the other hand, the Digital Collection Portal empowers today's digital-savvy retail and commercial customers to request payment holidays, restructure existing loans or even make payments for overdue loans. It combines digital channels with a variety of payment options for a smooth collection process.
Automated Collection Strategy
Supporting different collection strategies based on the parameters such as routing and assignment, SLAs and escalations.
Collection Process Configuration
Structuring the steps in the collection process with activities including SMS to notify customers of the overdue amount, phone calls for Collections Officers to call customers and request collections.
Activity Management & SLAs
Managing possible outcomes in each step of the collection process and configuring SLAs for collection tickets to ensure they are closed within defined time frames.
Bringing in the partial and full settlements made towards a loan and updating the collection ticket's details including status, balances, and outstanding amount automatically.
Promise to Pay & Broken Promise Management
Capturing customers' promise to pay towards the overdue loan with the ability to discount or waive the late payment interest rate and/or fees. Updating the collection ticket's stage to 'broken promise' if the customer has not made a settlement against the loan by the promised payment date.
Key Benefits for Financial Institutions
- Managing end to end collection processes in a single platform
- Ensuring the promise to pay date is adhered by the customers through proactive SMS and e-mails
- Reducing the number of customers going into recovery and write off
- Delivering higher collection rates and faster pay time
- Reducing administrative costs associated with debt recovery
- Increased profitability with shorter debt delinquency
- Enhanced compliance and transparency
- Enabling employees to focus on high-risk customers