Adapting Cloud and Mobile Imaging Into Bank Collections
A superior collections and asset recovery process makes for good banking business. An effective procedure, strongly assisted by powerful compliant software, helps financial institutions maintain a profitable operation.
The future of bank-debt recovery systems depends in large part on capitalizing on current and emerging technology. Banks can now take advantage of the opportunities created by functions such as cloud computing, mobile imaging platforms, and big data.
In evaluating the portfolio of delinquent customers, several factors need consideration including the evolution of the firm’s digital strategy. Systematic follow-up of accounts reinforces the serious nature of the outstanding debt and emphasizes the importance attached to it by the financial institution. That in itself is an important debt recovery advantage.
Developing a more focused debt recovery strategy enables financial institutions to reduce costs, save time and maximize resources.
The IBS Collection and Asset Recovery Manager software helps refine your debt management and recovery options by simplifying complex delinquency processes and improving results by operating at lower cost and with less risk.
Developing a Digital Strategy
Open-source software and cloud architectures create more opportunity to innovate at a higher pace and lower cost, moving bank debt recovery toward digital frameworks and business models.
It also plays into customer insistence of more personalized and efficient service. Customers want to access collection services and solutions online, using devices they select at the time they need. Robust flexible debt recovery software provides uniform architecture for running an internal cloud in a shared environment.
Banks and credit unions could also benefit from having a more manageable footprint, and automated server provisioning.
Recent advancements in mobile imaging technology also provide an opportunity for financial institutions. Sophisticated mobile-imaging applications have built in quality enhancements that empower the field staff to capture customer information anytime anywhere. This opens up the market for banks and credit unions to compete in a fiercely competitive market.
Mobile imaging not only captures customer information accurately it is equally important that it provides secure and real-time transfer of this information back to the core banking systems to ensure quicker processing.
The IBS import/export tool allows configuration to receive files from any account servicing system, or to send information to client third party providers.
A complete debt-recovery management system supports mortgages, credit cards, loans, overdrafts and many other types of customer debt. It also provides the latest technology.
A more focused debt recovery strategy can determine which accounts have the highest payment potential. Advanced scoring and segmentation tools provide complete the portfolio view to increase debt recovery through continuing portfolio analysis.
A combination of the cloud and mobile imaging can possibility reduce the cycle time for all customer-facing processes and enhance the overall customer experience.
Flexible and powerful collections platforms can bridge a mobile enabled customer interface and the core enterprise systems by storing all necessary asset recovery information as records, making them accessible when needed.
Intelligent Banking Solutions can assess demand and plan capacity based on actual consumption and known business opportunities. Better capacity planning translates into faster turnaround and much more responsiveness.