Facilitating Innovative Collections Performance
Is your banking collections and recovery software evolving with the world around it? On the other hand, does it operate instead as a stagnant system, unable to incorporate necessary technological, compliance and communication changes?
“Dominant digital forces, disruption, and constantly evolving innovation drive today’s business environment. In a business climate driven by powerful digital forces, disruption, and rapid-fire innovation, every company is now a technology company. Whereas technology was traditionally confined largely to operations and execution, its digital expression now informs all aspects of business, from ideation to delivery,” Deloitte’s seventh annual Technology Trends report said.
For example Deloitte’s report explores trends that illustrate ways that today’s CIOs can shape tomorrow for every corner of their organizations. They include the fast-track adoption of innovation, the incorporation of the Internet of Things devices, autonomic platforms, and the development of blockchain technology in online transaction.
Could your system adapt to take advantage of these types of change when the time comes? Technology is changing so rapidly. How long has it been since you had a new collection system release? Is your vendor keeping your mission critical collection software current?
Keeping up With Change
What about the some of the items fueling today’s transformation: digital, analytics, cloud, and the changing role of IT within the enterprise.
Is your recovery department taking full advantage of data analytics for instance? Data is a foundational component of digital transformation, Deloitte’s Technology Trends report revealed. “Yet, few organizations have invested in the dedicated talent, platforms, and processes needed to turn information into insights. To realize data’s full potential, some businesses are adopting new governance approaches, multitiered data usage and management models, and innovative delivery methods to enable repeatable results and scale. Indeed, they are treating data analysis as a strategic discipline and investing in industrial-grade analytics.”
Not only is the technology changing but also so are the regulations. This means staying abreast of regulatory compliance and cyber risk an enterprise discipline embedded in the planning, design, and realization of each.
Nowadays creditors put greater importance on effective administration to deliver better bottom-line outcomes. A system that takes advantage of the latest trends and efficiencies operates in mixed technology environments — onsite or in a data center. It enables growth with scalable functions that support both small organizations with limited collection and recovery staff and large institutions with billions in assets.
Robust up-to-date collections and recovery software, not only keeps financial institutions in compliance, but effectively helps manage the process.
Trust in Business
Hopefully each organization looks to take advantage of coming trends, innovation, and disruption to create genuine business worth in all areas of the organization. In addition, any digital transformation voyage should also address the more practical realities of today – rethinking systems, advancing analytics, and constructing autonomic platforms.
Amid this turmoil, organizations that can harness technology trends will find huge opportunities to change. To not only look for ways to do common things in a different way, but also to do fundamentally different things.
Or you align the organization with progressive partners that seek to improve their system with latest effective technological advances.
An efficient enterprise system not only enables collections departments to reduce operating costs, but also decreases delinquencies and charge-offs. It also helps staff take advantage of automated workflow.
The IBS Collections and Asset Recovery Manager is backed by the IBS commitment to responsive, premium service at every stage of the software lifecycle. From implementation and deployment to software training, upgrades and troubleshooting–IBS provides the prompt, expert support you need to perform productively and with success.