Making Sure Your Bank Collections Software is Up-to-Date
Do you still track delinquent loans with indecipherable notes on index cards or with Excel spreadsheets designed for Windows XP? Such methods leave financial institutions open to inaccuracies and hinder profitability. Using advance bank loan collection and recovery software helps financial institutions increase revenues and reduce costs through improvements in compliance, resource efficiency, and superior reporting.
The right system ensures your financial institution has the right information at hand at all times.
Each stage needs of the process require consistent compliant approach for the customers involved, and by the loan operation. Robust software assures exerting the right amount of pressure on the delinquent accountholder at various phases.
For those cases where a customer with an excellent track record is simply going through a rough patch you can work to get this customer back in good standing in the short term to retain them for the long term.
Our bank next-generation software’s design and developments makes it easily configurable to meet your specific risk, recovery workflow and processing needs.
Time for New Software
While financial institutions have been quick to embrace advanced loan origination technology, marketing, and asset management functions, many financial institutions still delegate the collections function to outdated manual processes or third-party service vendors.
By investing in the essential programs, financial institutions can improve the way they track and gather delinquent loans and benefit from vigorous additions to the bottom line. A survey by the American Collectors Association found financial institutions using computerized systems handle more than twice as many accounts as those with manual systems.
Most lenders have a good idea of the number and amount of loan payments that are delinquent, but few have the tools to effectively collect. The quality and accuracy of information provided by the loan management system limits performance. However, attempting to maintain the essential data - loan balances, payment due dates, phone numbers, and notes - up to date and organized with a manual system is time-consuming and inefficient at best.
Where customers often have debts with several financial institutions financial institutions must also rise to the challenge.
Utilizing centrally defined bank loan collection and recovery software assures the proper measurement of performance. For the program to be profitable, lenders must reduce administrative costs through an organized procedure with automated programs that stress speed and flexibility while providing more control.
Keep the necessary information current, compliant and organized with robust bank collections software.
Invest In Continuous Learning
A better system makes for better teamwork too.
Representatives cross-trained in handling all delinquency levels and most issues allow them to become familiar with customers’ specific situations, and be creative in working out payment arrangements.
Each agent contacting a customer should convey the right message and handle customers’ arguments effectively.
They can also apply an increasingly firmer strategy in a consistent sequence as accounts age and as the system analytics notices a familiar pattern with particular customers and accounts.
On the other hand, compliance and legal risk arise from the potential for violations of, or nonconformance with, laws, rules, regulations, prescribed practices, internal policies and procedures, or ethical standards. A financial institution’s bank collections software should also control the risks.
In addition to providing the right technology, IBS offers clients with ongoing and dependable training for your staffs. Our Online Self-Guided User Training Modules provides interactive training at no additional cost to support IBS clients.